A simple way to understand Bitcoin.
Imagine your grandfather 100yrs ago, worked in the mines and worked so hard and was able to make about N5M, as his life savings.
He was paid in cash..
With that money then, he could have bought an estate, and maybe a personal jet
Imagine your grandfather 100yrs ago, worked in the mines and worked so hard and was able to make about N5M, as his life savings.
He was paid in cash..
With that money then, he could have bought an estate, and maybe a personal jet
But he didn’t.. instead he buried the cash and gave your dad who gave you the location.
Now imagine we still used the same currency..
You know that, as at now, that N5M is way way worth-less.. meaning what it could purchase as at then “Estate and a Jet” it can’t purchase now.
Now imagine we still used the same currency..
You know that, as at now, that N5M is way way worth-less.. meaning what it could purchase as at then “Estate and a Jet” it can’t purchase now.
Why? Inflation..
The government ordered more fiat, to be printed, thereby devaluing your inheritance of N5M
Now one thing he could have done, was to use that amount and buy Gold. Why? Because Gold is a “store of value”
It doesn’t erode easily, can’t be printed in mass, durable
The government ordered more fiat, to be printed, thereby devaluing your inheritance of N5M
Now one thing he could have done, was to use that amount and buy Gold. Why? Because Gold is a “store of value”
It doesn’t erode easily, can’t be printed in mass, durable
But Gold has its downsize..
Transporting that amount of Gold then would have been an issue, also, if he needed “5k urgently” it would have been difficult cutting his gold into 5k own.. sheey you get?
So gold was out of the option
So what if there was a way, to store THE VALUE
Transporting that amount of Gold then would have been an issue, also, if he needed “5k urgently” it would have been difficult cutting his gold into 5k own.. sheey you get?
So gold was out of the option
So what if there was a way, to store THE VALUE
The value.. not the money
Because money is simply a way of exchanging value. And money has been several things like copper, animals, slaves, etc
So imagine that he could store the value of that money in a way that
1. It was secure
2. Immutable by government
3. Easy to access
Because money is simply a way of exchanging value. And money has been several things like copper, animals, slaves, etc
So imagine that he could store the value of that money in a way that
1. It was secure
2. Immutable by government
3. Easy to access
4. Easy to transport.
5. Is trusted by a community with no central head. A decentralized (no central) network
That way, what your grandpa’s N5M can get, will still be able to be gotten today.
That is what Bitcoin was designed to do.
Like I said, this is a simple way of
5. Is trusted by a community with no central head. A decentralized (no central) network
That way, what your grandpa’s N5M can get, will still be able to be gotten today.
That is what Bitcoin was designed to do.
Like I said, this is a simple way of
Understanding what Bitcoin is.
It’s not an investment advice.
It’s simply to inform you on what Bitcoin is without getting too technical.
If you found this thread helpful, kindly RT or share with your circle.
Thank you.
It’s not an investment advice.
It’s simply to inform you on what Bitcoin is without getting too technical.
If you found this thread helpful, kindly RT or share with your circle.
Thank you.
https://twitter.com/bruno_nwogu/status/1351870190368251906
A pictorial illustration of what I shared
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