A Beginner’s Guide to Bitcoin (Part 1): Introduction

I recently had a series of conversations with different friends of mine who said they'd tried to understand Bitcoin from what was on the internet and failed.  Almost all of them said they couldn't understand mining or why it was needed. The truth is that there isn't anything particularly complicated about Bitcoin.  Even the cryptography … Continue reading A Beginner’s Guide to Bitcoin (Part 1): Introduction

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A Beginner’s Guide to Bitcoin (Part 14): Conclusion

Previous Article   -   Table of Contents I'm hoping that if you've read all of these articles you'll have a much better idea of how Bitcoin works technically.  This was my original aim for the series.  I also hope that you can understand why people are excited about it and the underlying technology solution, and why … Continue reading A Beginner’s Guide to Bitcoin (Part 14): Conclusion

A Beginner’s Guide to Bitcoin (Part 13): Beyond Bitcoin

Previous Article   -   Next Article   -   Table of Contents Blockchains and Distributed Ledgers Introduction This final section of this lengthy series of articles isn't about Bitcoin at all.  It's about the hype that's come to surround it: the 'blockchain' and 'distributed ledger technology' as it's been called, abbreviated to 'DLT'. If you've read this series … Continue reading A Beginner’s Guide to Bitcoin (Part 13): Beyond Bitcoin

A Beginner’s Guide to Bitcoin (Part 12): Bitcoin Problems – Electricity, Centralization

Previous Article   -   Next Article   -   Table of Contents Electricity Paying People To Run The Network At the start of this series of articles I mentioned that Bitcoin uses as much electricity as a small nation.  How is that possible? We've seen that Bitcoin gets people (the miners) to add computing power to the network … Continue reading A Beginner’s Guide to Bitcoin (Part 12): Bitcoin Problems – Electricity, Centralization

A Beginner’s Guide to Bitcoin (Part 11): Bitcoin Problems – Speed

Previous Article   -   Next Article   -   Table of Contents Introduction The next couple of articles will look in some more detail at some of the flaws in Bitcoin mentioned previously.  In this article we'll look at speed. Speed As previously discussed, Bitcoin is deliberately slowed down by mining to ensure that it works properly. Throughput … Continue reading A Beginner’s Guide to Bitcoin (Part 11): Bitcoin Problems – Speed

A Beginner’s Guide to Bitcoin (Part 10): Technical Description – Summary

Previous Article   -   Next Article   -   Table of Contents It's taken a while, but we have now covered all the basics of how Bitcoin works.  There's a lot here.  If you're still confused then below there is a slightly extended version of the previous technical recap that gives a summary of what we've covered. Bitcoin … Continue reading A Beginner’s Guide to Bitcoin (Part 10): Technical Description – Summary

A Beginner’s Guide to Bitcoin (Part 9): Anonymity

Previous Article   -   Next Article   -   Table of Contents Bitcoin Doesn't Know Who You Are As I've already discussed one of the features of Bitcoin is anonymity. When you make a payment through a regular bank the bank is usually required by their regulators to know who you are.  There are 'know your customer' rules … Continue reading A Beginner’s Guide to Bitcoin (Part 9): Anonymity