Bitcoin for Dummies: How it all Works

Bitcoin for Dummies: How it all Works

This video really puts the potential uses of the Bitcoin “Blockchain” system into perspective for those of us who aren’t yet savvy with digital currency systems:

What an incredibly insightful video!

I so love the idea of one trustworthy source (the “Blockchain”) to track transactions and data; as opposed to the bureaucracy that exists everywhere you go. How many of us have lost our hard-earned cash to a bank screw up (or perhaps you’ve been the recipient of extra money going into your bank?) Just the other day, I nearly had my power shut off because the lines between my bank and power company got crossed. This was the first time ever, mind you, but it sure wasn’t my fault — I had to not just trust my bank (the middleman) but the power company too, making for double trouble in this particular case. Had I been able to pay with Bitcoins, surely there wouldn’t have been a problem.

Then there’s the processing fees. Aren’t we all sick of all these crappy extra, sometimes hidden fees that pop up every time we ask the bank to send our money from one account to another, or to accept a check or instant transfer and put the money in our account? They’re just a simple service provider who also makes money by leveraging the money we hold in our accounts, then paying us a paltry interest rate in return for the privilege!

Everyone has their hands in your wallet just to handle YOUR money.

I don’t see Bitcoin ever replacing cash — there’s just too many people with endless resources who’d lose their shirt if it did. Still, more and more businesses are accepting it and I hope at least one of you out there who doesn’t have an account set up, decides to sign up for Bitcoin and even buy a “coin” or two and start using the system (at least occasionally).

Sign up here:


Main image by Jonathan Waller



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