how does bitcoin work

Bitcoin, the King of Currency – How does it Work

If you still don’t understand Bitcoin, don’t worry. Here at Coinsaga Bitcoin Casino Blog, we are writing a series of articles to help you understand every aspect of Bitcoin. The goal is to allow you to have a complete picture of the Bitcoin ecosystem, just as we know what a car looks like when we think of a car.

  1. Bitcoin is important

To understand Bitcoin, understanding the technology is of course important. But technology is not the most important aspect to understand Bitcoin. Just like most of us don’t know much about computers, the Internet, 4G and other technologies at all, we don’t think we don’t understand them.

The technology related to building Bitcoin was quite mature even before the advent of Bitcoin. Some of the technologies have passed patent protection already, which means that it can already be thought of as very old technology. Including encryption technology, P2P networks, and proof of work, which are all mature technologies. Bitcoin hasn’t created high technology that geeks admire.

Bitcoin is a change in organizational form, a revolution of the production system. The most disruptive thing that Bitcoin brings to us is a global organization and collaboration model. For the first time, we have seen many different kinds of people all over the world who have carried out “unorganized and unmanaged” collaboration around the same thing – Bitcoin. This level of collaboration is the most difficult to understand.

Bitcoin has revolutionized our understanding of money. Bitcoin is money, and it circulates globally. It is the international currency after the US dollar and gold. In the field of gambling on the Internet, Bitcoin is absolutely an advantageous payment tool.

What is even more shameful for Bitcoin-related practitioners is that Bitcoin is an innovation in the fraud industry. Bitcoin has spawned world-class MLM and fraud. Although we can’t blame Bitcoin, after all, the US dollar is still by far the favorite of scammers, but the combination of Bitcoin and the greed of humanity has indeed brought a lot of negative effects to the industry.

Therefore, Bitcoin is definitely not just a technological revolution, but also a revolution in the concept of money, that could even have a huge impact on relevant aspects of human nature. Bitcoin is a comprehensive and veritable thing that has changed the world.

  •  How to Understand Bitcoin

In the age of digital currency and blockchain news, we all care about answers to the following questions:

  1. What is Bitcoin?
  2. Will the price of Bitcoin rise again?

To answer these two questions, it is best to break them down into smaller questions or answer them from multiple dimensions.

  1. How does Bitcoin work with technology?
  2. Where does Bitcoin fit in global economics?
  3. How has Bitcoin developed in the political sphere?
  4. Who is using Bitcoin?
  5. What can Bitcoin be used for?
  6. What industries has Bitcoin formed?
  7. Is Bitcoin legal?
  8. Will more people use Bitcoin?
  9. Will Bitcoin-related industries become bigger?

The more perspectives you have and the more dimensions you can interpret, the more you will be able to grasp the future of Bitcoin.

  •  Why is Bitcoin so difficult to understand?

The design of Bitcoin is very simple and efficient, and understanding the implications of Bitcoin does not require you to be a programmer, nor does it require you to have deep knowledge or skills in economics.

Most people have read and more or less know the concepts of Bitcoin, but in the end, most are failing to learn the Bitcoin system. The main reason is that the vast majority of Bitcoin-related materials have overemphasized details, rather than showing readers an overall framework of the interconnections, roles, and veins of the Bitcoin system.

Just like movies, music, cars, and football, many enthusiasts do not know the details. Not recognizing the staff, does not prevent enthusiasts from enjoying music, and not knowing the offside rule in football does not prevent people from cheering on Messi. All these details give people too much pressure and should always be ranked second to thoughts and emotions.

We will not stick to the technical details of implementing Bitcoin in this series of articles. We will instead focus on introducing the thoughts and veins of the Bitcoin system. Through these thoughts, you will experience the subtlety and greatness of Bitcoin, as well as be able to imagine the complete picture of Bitcoin in your own mind.