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Question asked on Musing.io by groynes

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· @groynes ·
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Question asked on Musing.io
<a href="https://musing.io/q/groynes/if-my-neighbor-ask-me-what-is-bitcoin-what-should-i-tell-in-a-simplest-possible-way"><b>View this question on Musing.io</b></a>
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properties (23)
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vote details (3)
@milaan · (edited)
$0.39
If my neighbor ask me, what is bitcoin, what should I tell in a simplest possible way?
<a href="https://musing.io/q/groynes/if-my-neighbor-ask-me-what-is-bitcoin-what-should-i-tell-in-a-simplest-possible-way">View this answer on Musing.io</a><br />
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properties (23)
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json_metadata"{"app":"musing/1.1","appTags":["Bitcoin"],"appCategory":"Bitcoin","appTitle":"If my neighbor ask me, what is bitcoin, what should I tell in a simplest possible way?","appBody":"<p>Okay, you can say to your neighbor in the following ways about bitcoin-</p>\n<ul>\n <li>It is a cryptocurrency, a form of digital currency.</li>\n <li>It is decentralized means not issued by anyone, nor backed by ordinary currency.</li>\n <li>There is no centralized server neither any third party to validate a transaction.</li>\n <li>There is a consensus protocol like PoW(Proof-of-Work) to keep secure the bitcoin network.</li>\n <li>There is a reward system in place for the miners who validates a block. Anyone can participate in mining as long as they have the required mining set up.</li>\n <li>Blocks are records of prior transactions.</li>\n <li>Transactions are broadcasted in the network. It is a transparent public ledger and any one can see and audit a transaction.</li>\n <li>The transaction in the bitcoin network happens through peer to peer and no third party is involved.</li>\n <li>Bitcoin is backed with blockchain technology which uses cryptography to ensure security.</li>\n <li>One is free to buy or sell coin with others and can easily trade it. It is boarder less &amp; censor free.</li>\n</ul>","appDepth":2,"appParentPermlink":"fkh7hlw7w","appParentAuthor":"groynes","musingAppId":"aU2p3C3a8N","musingAppVersion":"1.1","musingPostType":"answer"}"
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vote details (3)