I have been on a recent mission to help educate my friends about cryptocurrency, Bitcoin, blockchain etc. and it is not always an easy thing to accomplish! The whole cryptocurrency thing is hard to explain, it's very technical, and there are a lot of moving components. This makes mainstream adoption difficult, but when you think about it EVERYTHING works like this!
People use things every day and they don't have the slightest clue how they work or why they work, just that they work and they need them. Maybe some day cryptocurrency will be like this, but I think for now really explaining a revolutionary technology with infinite possibilities like blockchain and cryptocurrencies can go a long way.
Can you make money with Bitcoin? Can investing in it in the longer term give you great returns? Is it possible to cash out or pay for daily things with Bitcoin? YES to all these things, but there is so much more behind the technology. I created this infographic for complete beginners just as a quick visual way to get an overview of what Bitcoin is.
Hopefully this infographic is helpful to people new to Bitcoin and cryptocurrenices in general. Feel free to share with your friends too!
4 thoughts on “Infographic: What Is Bitcoin? How Does Bitcoin Work?”
i think Bitcoin is a bad thing, I think that the reason why is it seems they are trying to create this “Government Free World” so they can avoid taxes and levies which help governments…it can also be a stepping stone for criminals, thugs, thieves and terrorists! anything on the internet that stores some type of currency can be hacked…i don’t see how supporters of this can be so naive!
Hi Jerry D, I don’t think the purpose of Bitcoin is a “Government Free World” as you put it, but rather a way to shift power back into the hands of the people like our founding fathers wanted. The fact that you think Bitcoin is a “stepping stone for criminals, thugs, and thieves/terrorists” is just laughable… The US Dollar is the most used currency world wide by criminals as it is the easiest to move around without detection and everyone accepts it for anything you want. Most money these days exists in only the digital form, including US dollars where only a fraction of the US dollars in circulation are actually physical paper. I don’t blame you for this very basic reaction to Bitcoin or crypto, it is pretty much everyone’s first reaction who have done zero research and only know what they have seen on network television.
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