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A Guide On How To Understand Bitcoin And Cryptocurrency?  
  
Even though Bitcoin is likely one of the most searched for phrases (in response to Google), it is a really technical subject for a lot of people and can get overly technical for non geeks. Nevertheless, there are now hundreds of cryptocurrencies and more and more persons are starting to wish to get to know how they work presumably pushed by a dis trust of bankers, which is a complete completely different discussion.  
  
It's difficult to get a lay man's clarification without having to use technical terms reminiscent of "secret keys", "digital keys", "digital wallet" and "cryptocurrency" so I will do my best to keep things as straight forward as I presumably can.  
  
The Concept of Fiat money i.e. paper currency, was formulated to make it less complicated for people to make an exchange for items or providers to switch bartering, as this would be limited to an alternate between willing parties at best, whereas cash means that you can provide your service or goods, then buy no matter service or goods you require from one other or others.  
  
Subsequently, I would argue that Bitcoin is the twenty first Century equivalent to bartering, in that it works as an exchange for goods or providers directly between two willing parties. Bartering had to be based on each promise and trust, to provide and deliver the promised goods or service.  
  
In the present day with Bitcoin or any other cryptocurrency each party would want a singular file or distinctive key to trade the agreed value between every other.  
  
By having a unique key or file it turns into simpler to keep a report on each transaction. However, this too comes with problems.  
  
Now, bartering is the simple exchange of skills or goods as I have already said, the modern equal, or bitcoin is inclined to security breaches, i.e. theft or hacking of files, this is the place a "cryptocurrency wallet" comes into the equation to secure your transactions.  
  
Basically you want a secure location to your cryptocurrency/bitcoin purchases and holdings. This is the place the need for a hardware wallet comes from.  
  
So now that you've got written down/recorded which address holds which amount of Bitcoins and then updated every time a transaction is made, the file is known as "The blockchain" - and it keeps a document of all transactions made with bitcoin.  
  
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