You Can’t Understand Bitcoin Unless you use Bitcoins

Do you understand Bitcoin

The first real issue that many people find when they are learning about Bitcoin is that there is a wealth of information about it. However, the truth of the matter is, would you take software advice from someone who has never used a computer? That is especially true when you think about the way in which that person has learned about the software – in books. No matter how much you research something, it is unlikely that you are going to have a real comprehension of the subject until you physically use whatever it is you are talking about. 

Do you Understand Bitcoin or bitcoins?

The first question you have is probably; what is the difference between the two? Well, back in 2014, there was a distinct difference, and it still stands to some degree now. However, the term Bitcoin and bitcoins have become synonymous with each other. Bitcoin was the protocol, and bitcoins were the “object” that transferred through the protocol. 

Do you understand Bitcoin

Now that more cryptocurrencies are available, the term Bitcoin has changed into the blockchain. If you are in Europe, you can buy bitcoin directly from the blockchain, too. However, some die-hard, old school crypto lovers will still use the terms bitcoin and Bitcoin. Although we think that is a bit outdated. 

New Users of Bitcoin

To be clear, from here on, I will use the term Bitcoin to talk about the currency, not the blockchain. 

I imagine that the term; you can’t understand Bitcoin unless you use bitcoins is a little confusing. Furthermore, it is going to be very offputting to take the venture into a world of the unknown and try to understand.

However, the truth of the matter is; you can start to use Bitcoin without knowing all the technical details and terminologies such as robots. The basics of it are pretty simple; install a wallet on your mobile or computer, and it will provide you with an address. You can share that address with people so that they can pay you, and you can pay them or buy them from a broker. It is a little like a personal email address or a phone number. The difference is that you can only use a Bitcoin wallet address once, then you need to generate a new one. 

This article is not about how to use Bitcoin, though. If you would like more information about it, you can check out our guides section

So, What is the Point?

Although this article seems like it could be a disorganized mess of words stringed together in an unplanned manner, there is a point. 

The point is if you ever go to some of the biggest conventions, always do your due diligence with who and what you are listening to. It is very easy to get enveloped in stories and technical terms, making you think that using Bitcoin is one way or another. However, a lot of the people speaking at the conventions have no real-world practical knowledge about Bitcoin. 

bitcoin

Therefore, if you take even one month of practical practice, you are likely to understand more about it than you ever will if you never try. 

Not only will practical knowledge be more beneficial to you in a usability way, but it will also give you more of an advantage in the aspect of the regulations. However, one thing that I would advise is that you brush up on the rules and regulations surrounding any cryptocurrency before you start. The last thing that you want to do is run into legislation issues before you learn the ropes. 

Knowledge is King

It is not only the users of Bitcoin that need to be informed through experimentation. Government officials should have at least a basic understanding of the usage, too. After all, they are the people who make the legislation and rules that surround the use of cryptocurrency. Those same people claim to have an understanding of the use of crypto in a way that governs the way that the rest of us should comply. However, if you ever have time to ask one of those people about the practical use, they are likely to fall very short of an answer that satisfies a real user. 

Conclusion

The only that we will get real rules, guidance, and legislation for any cryptocurrency is through the people making the decisions using it. However, how likely is that to actually happen? I won’t be holding my breath for a swift change in views or policies, I’m afraid. 

Leave a Comment