Nov 16, 2018

What is Bitcoin? It is Easy To Understand!

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There are few things you can be sure of in life, but one is that at CBANX we deliver what we promise! This promise includes delivering to the readers of our CBANX blog. You keep hearing from friends about Bitcoin trading online and how they exchange Bitcoins for Euros. But what’s Bitcoin? You still don’t understand. Can anyone explain Bitcoin in a way that is easily understandable? Fret no longer, you have come to the right place.

Now, if you have already been involved in Bitcoin trading online for some time, you may want to skip this one and tune in again for our next article. However, if you are just getting ready to learn how to exchange Bitcoins for Euros and would like to finally understand what’s Bitcoin, then please keep reading.

Bitcoins for Beginners

Basically, the beginnings of Bitcoin date back to the year 2009 when an ingenious inventor or group of inventors known as “Satoshi Nakamoto” published the so-called “Bitcoin Whitepaper”. A whitepaper is an informative report on a complex topic. In this paper, Satoshi Nakamoto introduced the revolutionary idea of a new type of electronic cash, a digital currency.

Satoshi Nakamoto had come up with a new type of online payments. Instead of sending online payments via banks, like in the traditional world, the inventor proposed a type of payment system that would not need a central financial institution. Instead, this new type of electronic cash would be created for sending payments via a “peer-to-peer network”.

Peer-to-Peer Network

In the world of the web, peer-to-peer means that a computer system is connected to another computer system, which is connected to yet another system … you get the idea. Meaning that many computer systems together form a closed network within the internet. A closed computer system stores information and at the same time, shares that information with the other systems in its network. In essence, a network within the huge network that we call the internet.

Thus, basically the objective of the inventor or inventors was that people could send each other electronic cash without the need of a third party intermediary, such as a bank or institution. Instead, they would send cash using a closed network within the internet. The network would collectively process payments using certain technologies. The peer-to-peer network was to be faster in speed than traditional banks, safer than traditional banks and to offer low processing fees for these payment transactions.

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