If you\u2019re looking to understand what is Bitcoin, you\u2019re in the right place. In this short post, we answer most of your questions and help you better understand the concept of cryptocurrency.<\/i><\/b><\/p>\n
Throughout history, value has taken many forms and people have used different materials to represent it in the form of money. First, communities used to barter. Then, over time, evolution turned to precious metals, like gold.<\/span><\/p>\n The thing about commonly used mediums of exchange, like precious metals, is that everyone needs to believe and trust that they represent value. So our eventual transition to paper money had to abide by this rule as well.<\/span><\/p>\n Our current money is used to represent an amount of gold stored in the central bank. Paper bills were simply used as \u201creceipt certificates\u201d to redeem gold since the former was too impractical for daily transactions. In the last few years, however, this concept has changed.\u00a0<\/span><\/p>\n