I was scrolling through the Twitter feed while holding a slice of homemade pizza on the other hand. The pizza felt heavy when I saw the world\u2019s richest man invested $1.5bn in Bitcoin, something that is declared as a hoax by the veteran investor Warren Buffet. I was not sure whom to put my trust in, especially when I have close to zero ideas about the concept of Cryptocurrency. My traditional understanding of money doesn\u2019t go with Bitcoin. There is no gold standard, no bank to keep track of the transactions, no government to control the flow \u2014 which sounds fishy for obvious reasons. But the more I tried to know about Bitcoins, the more it made sense (at least for now). Maybe the readers can follow (or not) as I go along.Image by Dmitry Demidko from UnsplashWhat is Bitcoin?Bitcoin is just a bunch of digital transaction codes containing some information with no physical presence \u2014 cryptocurrency as we know it \u2014 one of many brands. In 2010, a guy named Lazlo bought 2 pizzas for 10,000 Bitcoins (say, 10,000 lines of codes) \u2014 I won\u2019t even calculate how much it is worth in today\u2019s money. Clearly, pizza has not become ridiculously overpriced since then \u2014 Bitcoins just became \u201crare,\u201d and people started to accept it as something of value, much like gold.How does it work?Before we understand Bitcoin, we have to understand how actual money works. We do money transactions to buy products or services or something of value. The price goes up when the demand for the product or service is high and vice versa, as there is a fixed supply of money. Traditional central bank keeps count of all the money in their central book\/ledger at any given point. No one outside the central bank has access\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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