What is Bitcoin (BTC)? – Clayming Space

A crypto currency is like any other currency. It is a bunch of code that goes through the internet when you use it to make a transaction. If you don’t know what the Internet is, then you should go on the line and find out! Now, you might be saying — yeah but, witwiki, how is that different to credit cards, debit cards, EFTPOS cards or mobile payments, oh! And don’t forget cash. Well, my dear Padawan! It’s all about obligations! When you trade your toilet paper to Kevin for his bathroom freshener, you are obligated to Kevin to make sure that your toilet paper works just as his freshener works, otherwise, there’s going to be a doo-doo. With a currency this obligation is transferred to the government in the case of cash, credit card companies in the case of credit cards, banks in the case of debt, debit or ETFPOS cards and tech companies in the case of mobile payments. But, with rising illiberal political turmoil; credit companies and banks charging odd fees, getting hacked while delaying its reporting to the public and still doing well since the Global Recession and don’t forget, tech companies hoarding data, can you still trust them to be obligated to Kevin?

Crypto-currencies transfers that obligation to the people! Imagine that — a currency, truly for the people and by the people, managed cryptographically. But you say, witwiki! How can you trust random people around the world to manage something like a currency that is so complex! Well, I ask you — do you use a computer or smartphone or the internet today? You say — yes! Then, I say — the foundations of the hardware and software that make up that computer or smartphone or the internet, is still being managed by random people around the world — mostly cryptographically. And that is a cryptocurrency.