crypto 101

[Reatim]

i found this article which is just a very quick read but one that i think many newbies would learn a lot from it has simplified the origin concept of bitcoin and i could see myself sharing this with anyone interested in getting into bitcoin but can't understand it fully

In the wake of the 2008 financial crisis, public trust in banks and financial institutions was badly shaken.

It was in this context that Satoshi Nakamoto—the pseudonym of an unknown person or group— released a paper in October 2008 outlining a new kind of digital money that could be transferred directly between users without passing through a financial intermediary.

To send money online today, most people rely on banks, payment services, or other intermediaries that keep track of transactions between parties.

This dependency creates three familiar pain points—relying on a middleman, paying fees or accepting delays, and giving up some privacy or control.

The solution Nakamoto proposed was a network in which no single actor owns or controls the ledger—the record of who paid whom.

Instead, the ledger is shared and updated by many independent computers (called nodes) working together in a distributed fashion. Because the process is collective, it removes the need to rely on one trusted middleman.

In simpler terms, it’s a shared record visible to everyone in the network, where participants verify each other’s transactions and cheating becomes prohibitively costly.

obviously the article did not go on to explain more technical parts of bitcoin but i think it is quite a good introduction to bitcoin

here is the article: crypto 101

[Cryptohygenic]

obviously the article did not go on to explain more technical parts of bitcoin but i think it is quite a good introduction to bitcoin

I don't also see it incomplete for a basic explanation about the networking system. It is a very nice publication project of introducing bitcoin awareness and can catch attentions of those who are into the digital World and those who values their privacies.
The very interesting point is the decentralizations and digitalization. The vision has to be aligned on the paper first before facilitating further technical process but It would be nice too having the article up to date because the explanation volume is very easy understandable for newbies.

[Roberto888]

That's a great find. It's a perfect introduction because it focuses on the "why" before the "how." Explaining the problem with middlemen first makes the whole concept of Bitcoin click for people. It's a very clear and relatable starting point for any newbie.

[Cleanshit]

The article is a good intro for someone who’s just hearing about bitcoin, I’ve read it yesterday and it sounds very simplistic for a lay man understanding of what bitcoin is. First timers might develop interest to know more about bitcoin by reading the article because it really explains the basics of bitcoin network. The article isn’t that bulky and so people that don’t love reading bulky content will also be willing to read it.

[ZeroVinsonN]

It's simple since it just gave out what can be considered basic bitcoin knowledge but it's importance goes further because as basic as the information might seem not many people actually know why bitcoin came to be, what were the reasons behind it's initial creation, it's relatively easy to understand, short and precise so people don't misunderstand it's content, it's a good article if you ask me and I think it's also a good reminder to people who may have already forgotten the origin of bitcoin, we need to know why it's was, so that we can keep to those principles.

[kotajikikox]

That's a great find. It's a perfect introduction because it focuses on the "why" before the "how." Explaining the problem with middlemen first makes the whole concept of Bitcoin click for people. It's a very clear and relatable starting point for any newbie.

In today's world where centralized platforms are penetrating the crypto space, people need to understand why this was the exact system that bitcoin was trying to be an alternative to. People need to understand first the why of bitcoin to really understand the rest of it. With this, I am sure a lot of people may be radicalized.

[Astt12]

That's a great find. It's a perfect introduction because it focuses on the "why" before the "how." Explaining the problem with middlemen first makes the whole concept of Bitcoin click for people. It's a very clear and relatable starting point for any newbie.

In today's world where centralized platforms are penetrating the crypto space, people need to understand why this was the exact system that bitcoin was trying to be an alternative to. People need to understand first the why of bitcoin to really understand the rest of it. With this, I am sure a lot of people may be radicalized.
[Be it fundamentalist or otherwise, at the end of the day, i.e. in the era of advanced globalization, crypto currency is very important. Because future generations will need crypto currency. It has an impact now and will need it more in the future. Otherwise, the quality of life will not be easy.]

[Die_empty]

i found this article which is just a very quick read but one that i think many newbies would learn a lot from it has simplified the origin concept of bitcoin and i could see myself sharing this with anyone interested in getting into bitcoin but can't understand it fully

It's a good article that simplified the Bitcoin whitepaper, at least for Morocco, a country that banned crypto in 2017 and has not decided to legalise it this year. Unfortunately, most new entrants into the Bitcoin industry don't care about learning about the privacy and freedom Bitcoin offers. They are more concerned about the business part of investing in Bitcoin. Immediately they are introduced, most of them have started calculating how much they will make at a particular point in time.  

In today's world where centralized platforms are penetrating the crypto space, people need to understand why this was the exact system that bitcoin was trying to be an alternative to. People need to understand first the why of bitcoin to really understand the rest of it. With this, I am sure a lot of people may be radicalized.

Services like Bitcoin ETF and policies like Bitcoin Strategy Reserve are becoming popular. It is possible that some investors don't know that they can be their own bank with Bitcoin. This is because these centralised platforms have intensified aggressive promotions of their different platforms.  

[Ucy]

Ofcourse, it was a global crisis in fiat world and was due to lack of proper regulation and out of control banks doing whatever they want with money they control. It was the major reason Satoshi was moved to invent Bitcoin, and to take control away from the banks to the people. Unfortunately, certain people are working day and night scheming and attempting to hand over the control of people's money and Bitcoin back to the banks, "institution investors", etc


Becareful though with articles or posts from people/things who believe or want you to believe that Satoshi Nakamoto is a pseudonym (related to anonymous identity) when Satoshi himself never told anyone so. It started as a guess work who he really could be or whether satoshi is really his real name but that has now metamorphosised into people becoming certain that the name is a pseudonym when the propagators (propagandists?) have zero proof to back it up. Satoshi Nakamoto is someone's (or people's) real name. It will qualify as identity theft for person of Satoshi's caliber, with great invention like Bitcoin to pretend to be what or who he is not. That's what scammers or people with dark agenda typically do

[tread93]

i found this article which is just a very quick read but one that i think many newbies would learn a lot from it has simplified the origin concept of bitcoin and i could see myself sharing this with anyone interested in getting into bitcoin but can't understand it fully

In the wake of the 2008 financial crisis, public trust in banks and financial institutions was badly shaken.

It was in this context that Satoshi Nakamoto—the pseudonym of an unknown person or group— released a paper in October 2008 outlining a new kind of digital money that could be transferred directly between users without passing through a financial intermediary.

To send money online today, most people rely on banks, payment services, or other intermediaries that keep track of transactions between parties.

This dependency creates three familiar pain points—relying on a middleman, paying fees or accepting delays, and giving up some privacy or control.

The solution Nakamoto proposed was a network in which no single actor owns or controls the ledger—the record of who paid whom.

Instead, the ledger is shared and updated by many independent computers (called nodes) working together in a distributed fashion. Because the process is collective, it removes the need to rely on one trusted middleman.

In simpler terms, it’s a shared record visible to everyone in the network, where participants verify each other’s transactions and cheating becomes prohibitively costly.

obviously the article did not go on to explain more technical parts of bitcoin but i think it is quite a good introduction to bitcoin

here is the article: crypto 101

This is great to show noobs and like grandma's for sure. Reading back up on this brings flashbacks of 2008 and what life was like back then. Shit I feel so old just saying that but im not that old, however hodling though 4 or 5 bear markets makes me feel like im ages old hahahhaha jk. Good breakdown and link to the article on some surface level key bitcoin pointers OP

[btc_angela]

The article is a good intro for someone who’s just hearing about bitcoin, I’ve read it yesterday and it sounds very simplistic for a lay man understanding of what bitcoin is. First timers might develop interest to know more about bitcoin by reading the article because it really explains the basics of bitcoin network. The article isn’t that bulky and so people that don’t love reading bulky content will also be willing to read it.

Perhaps that was the goal here, to make it simply for layman to understand as counter to those who are anti-Bitcoin and calling it simply as a scam without understanding the how's of it. How everything is processed behind and that we don't need a middle man albeit right now we have been using 3rd party because there is no direct P2P in the market.

Everything goes to like exchanges or payment processor. But we are still good though, Bitcoin has open doors for us, not to challenge fiat but it can used as alternative and right now it become the biggest asset behind gold.

[xmrhopium]

-snip-
In the wake of the 2008 financial crisis, public trust in banks and financial institutions was badly shaken.

O.T:

Posting the link for anyone who wants to know about the 2008 financial crisis.

I assume most people know much about how Bitcoin evolved, but not many truly understand here what happened during the 2008 financial crisis.

If you are interested to learn and know more about the way back history, then read above mentioned link  .

[alex34562]

One important feature of Bitcoin is that the difficulty of mining coins doubles. Balances also double every couple of years. This attracts investors. Otherwise, it is no different from other cryptocurrencies.

[Dave1]

One important feature of Bitcoin is that the difficulty of mining coins doubles. Balances also double every couple of years. This attracts investors. Otherwise, it is no different from other cryptocurrencies.

Also the supply is limited, scarcity and that's why many investors are attracted to it. The basic principles in stocks could also be applied to Bitcoin but the return is very huge in just one cycle and we have seen already that Wall Street is already inside the market.

I do agree that the article is like the basic and the explanation is simple. And it someone like a newbie could read and understand it, then maybe we can also sway them to invest into the market for all we know.

[ruykeri]

Nakamoto created Bitcoin to create a trusted digital currency in a time of trustlessness. And I think he was completely successful. Today's Bitcoin revolution is only because of Nakamoto's far-reaching thinking. Where banks keep accounts in one place and all the information and control is in their hands. But people's attitude has changed in the case of Bitcoin. Because there is no single regulator. Everyone can independently control their holdings. They can verify transactions themselves. That's why Bitcoin has become so popular.