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Still Don't Get Bitcoin? An Explanation You Can't Possibly Misunderstand


"I have one apple with me. I give it to you. You now have one apple and I have zero..." A New York-based contributor to Medium makes the Bitcoin concept clear -- finally.

Whether you're a closet Luddite, a haughty technophile, or something in between, Bitcoin -- the peer-to-peer payment system and digital currency introduced as open-source software in 2009 by pseudonymous developer Satoshi Nakamoto -- is a conceptually prickly phenomenon. (Hey, it's not called a "cryptocurrency" for nothing.) Countless publications have tried to make sense of Bitcoin for their readers, including Minyanville (see: The Basics on Bitcoin: 11 Things to Know About This Suddenly 'Hot' Digital Currency), but a true understanding of it remains elusive for many. Until now.

We bet you're able to follow this with no problems whatsoever:

I have one apple with me. I give it to you.

You now have one apple and I have zero.

That was simple, right?...

Now say, I have one digital apple. Here, I'll give you my digital apple.

Ah! Now it gets interesting.

If you're still with us -- and we know you are -- check out the article from which the excerpt above came. It details what Bitcoin is, how it works, and why it matters, and is quite frankly one of best explanations we've read so far: Explain Bitcoin Like I'm Five.

And after you've mastered this whole Bitcoin concept, have a look at these related stories -- they'll help you achieve sage status:

What a Bitcoin Is Really Worth in India and China

What Bitcoin Arbitrage Can Teach Us About the Crypto-Currency

Can a Value Investor Buy a Bitcoin?

Twitter: @Minyanville

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