Unless you program blockchain protocol, it’s hard to really understand Bitcoin or other cryptocurrencies. It seems almost impossible for a Bitcoin expert to explain to a layperson in a comprehensible way, and practically impossible for a layperson to explain Bitcoin to another layperson.
I’ve read a lot of articles about Bitcoin, and found most to be jargon-filled and too technical, or overly simplified and sort of insulting to my intelligence.
Then I read this article and many random facts I gathered started fitting together and making more sense about what Bitcoin is, what it does, and why it’s useful. Feel free to read and share:
This was published way back in 2013. I’ve seen other bloggers post this same explanation, but they all seem to be plagiarizing Nic Custodio. If I’m wrong, please let me know and I’ll update the link with the true original author.