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Bitcoin for the Befuddled by Chris Wilmer, Conrad Barski

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2

BITCOIN BASICS

In our experience, the simplest way to get a person excited about Bitcoin is to have him purchase something with it. That’s how we got hooked ourselves. In this chapter, we’ll help you perform your first Bitcoin transaction, without worrying about too much technical stuff. Along the way, though, we’ll discuss how Bitcoin works. After reading this chapter, you’ll understand the basics of Bitcoin—enough to chat about it at any cocktail party.

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How Bitcoin Works in Simple Terms

In the Bitcoin system, everyone cooperates to keep track of everyone else’s money, and as mentioned in Chapter 1, no central authority (e.g., bank or government) ...

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