What is mining? Is bitcoin safe? What is a hot wallet? Why are some economists skeptical to bitcoin? Who invented bitcoin? What is a fork? Is bitcoin anonymous? What is fiat money/currency? What are the primary areas of use for blockchain?
New technology has shaken and fundamentally changed many industries including the music industry, the media industry, and the retail industry. Many now believe it's banking's turn. Bitcoin is well positioned to win the race, but there are other possible paths of development.
Bitcoin and its blockchain technology has many advantages, it's fast, cheap and has the potential to become safer to transfer compared to our current ways to transfer money. Bitcoin could also eradicate our dependence on big banks, ease international trade and help the developing world.
The basics of bitcoin are quite complicated. We describe it in simple terms. Get prepared to learn about a fascinating new world of revolutionizing technology, a banking industry that may be redundant and a lot less impoverished people.