BITCOIN FOR BROADS -Part 1: The Problems It Solves

Just because men make Bitcoin seem technical and complicated doesn't mean it is. Think about it… as viral Tik Tok audio goes, “how hard can it be, the boys do it.” This series will compare Bitcoin and it’s process to things you use in everyday life, like purses, Uber, checks, and Costco. Everyone can understand how it works and what it does… because Bitcoin isn’t just for the bros… it’s for the broads.

Before we talk about the problems that Bitcoin solves, let's first get a grasp on the nomenclature. You’ve probably heard the word cryptocurrency tossed around in tandem with Bitcoin. What’s the difference? Cryptocurrency is the generic term for digital or virtual currency that is secured by cryptography. Cryptography is a ten dollar word that means it’s almost impossible to counterfeit. It also means it can’t be double spent, which is when you buy something in one place then try to use that money to buy something else before the transaction is verified. This is impossible in the fiat currency we have now. You can’t do that with a dollar bill as it's a physical, tangible object. Once you spend it, it’s gone.

In short, cryptocurrency is the broad category of all digital currencies. Specifically it use blockchain technology on a peer-to-peer basis (more on what those things mean a little bit later). Bitcoin is merely a certain type of cryptocurrency.

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Background Music Credit:

Music: Hang for Days - Silent Partner https://youtu.be/A41A0XeU2ds

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