Bitcoin is the first decentralized digital currency. All Bitcoin transactions are documented on a virtual ledger called the blockchain, which is accessible for everyone to see. Bitcoin gives you complete control over your money, unlike other assets you own which are regulated by banks and governments. As bitcoin gains more popularity, more and more places accept it as a payment method. That’s Bitcoin in a nutshell.
For the complete simple explanation watch this video, here’s what I’ll cover: 0:50 – What is money? 3:10 – Fiat money 3:43 – Fiat money drawbacks 4:25 – Digital money 5:34 – Centralized money issues 7:21 – Enter Bitcoin 7:44 – Bitcoin is transparent 9:13 – Bitcoin is decentralized 9:35 – Bitcoin is digital 9:56 – Why is Bitcoin such big news? 11:45 – Who accepts Bitcoin? 12:05 – Conclusion
