Do you wish to invest in Bitcoins?
In the words of legendary Warren Buffet - ‘Don’t invest in something you don’t understand.’
So let's understand Bitcoin.
Imagine you are an 80’s kid still in school where mobile phones are yet to be built and you have a crush on your classmate.
How do you communicate?
Love letters.
In Countries like Canada, you can actually post these letters but in a country like India, your love story ends the moment that letters get caught by anyone.
So what do you do?
You don’t trust any 3rd person but deliver it yourself or through your trusted friends. Also, you sign it with a name only your crush can understand, and encryption. This trusted friend circle does the same for each friend, passing letters to each other.
Bitcoin works exactly like that.
The letter is Bitcoin. An encrypted digital message called cryptocurrency. It doesn't use any standard 3rd party payment systems such as banks or govt but a trusted network called blockchains, just like your friends.
Also the Bitcoin, just like the letters, derives its value from the fact that it is valuable to its recipient. Hence Bitcoin only works with vendors who accept cryptocurrencies. The more vendors accept Bitcoin, the more valuable it gets.
More in my next post. stayed Tune for Part 2
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