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What is Bitcoin- My simplest explanation

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What’s Bitcoin?

 

This is for my friend Nixo Henry.

 

First of all, thanks for asking me this question.

 

I believe in my capacity to give you the answer, and beyond that, I’m honored to be the one you asked this.

 

We’ve come from far and here’s my answer to “What is Bitcoin? My simplest explanation.”

 

One, Bitcoin is money.

 

Two, it’s virtual money (better referred to as Cryptocurrency).

 

If I have a 1000 Kenya Shilling note, that is money in hard cash.

 

Now, if I deposit the Ksh.1000 note to MPESA, it is still money. Right?

 

But in Mpesa, that money cannot be seen, neither can it be touched nor smelt (just in case the bearer is a smoker …. or something of that sort   LOL!)

 

So, that thing called Bitcoin is like money in an Mpesa account.

 

With Bitcoins, you can buy all things just as you would with money in Mpesa.

 

You can pay for tickets to discos, pizzas or even……bribe some boy in blue somewhere…

 

Or buy anything that cash can. What matters is acceptability of Bitcoin

 

 

Bitcoin is Virtual Money

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I’d like to mention some differences between the two. But just right before that, let me give you a bit of how Bitcoins came about.

 

Now, Bitcoin started with a concept that was refined from an idea or whitepaper in 2009 by a person whose actual name remains unknown to date. His adopted name is Satoshi Nakamoto. It’s never been clear why the developer chose to hide his name.  He just released his thoughts in the concept and computer codes that are open source (Developers can further explore and refine freely).

 

The manifestation of Bitcoin opened a whole new world to people- the world of the BLOCKCHAIN.

 

Now, to Blockchain… See, for MPESA to function, we require the Network Safaricom. So for the Cryptocurrency, we require the Blockchain.

 

The Blockchain is a public record of all cryptocurrency transactions. It cannot be hidden and can only be adjusted when many users agree to authorize a transfer from one account to another, a process called mining. Thus, through mining, you can become an owner of Bitcoins.

 

The Blockchain concept has been growing tremendously with new Cryptocurrencies emerging like; Litecoin, Monero, Dash, Z-cash, Ripple and many more.

 

That’s it; the basics of the Bitcoin. I’ll share more in a later post.

 

Thanks for reading through!

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