By Nik Custodio
We’re sitting on a park bench. It’s a great day. I have one apple with me. I give it to you. You now have one apple and I have zero. That was simple, right?
Let’s look closely at what happened:
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Explain Bitcoin Like I’m Five
My apple was physically put into your hand. You know it happened. I was there. You were there. You touched it. We didn’t need a third person there to help us make the transfer. We didn’t need to pull in Uncle Tommy (who’s a famous judge) to sit with us on the bench and confirm that the apple went from me to you. The apple’s yours! I can’t give you another apple because I don’t have any left. I can’t control it anymore. The apple left my possession completely. You have full control over that apple now. You can give it to your friend if you want, and then that friend can give it to his friend. And so on. So that’s what an in-person exchange looks like. I guess it’s really the same, whether I’m giving you a banana, a book, or say a quarter, or a dollar bill….
But I’m getting ahead of myself. Read more