Updated: May 24
Bitcoin has been making headlines for the past decade and it is considered as the most popular and valuable cryptocurrency in the world. At 123Cryptos, we see Bitcoin as the only cryptocurrency. The rest aren't solving real-world problems.
However, that is just one of numerous debates and discussions within this topic and, as a result, has captured the imagination of millions of people. But despite its growing popularity, many people are still intimidated by its complexity and are reluctant to invest in it.
According to the rule of thumb, it takes 10,000 hours to master any new skill. This can be a daunting prospect for those who want to learn about Bitcoin, but the good news is that you don't have to spend that much time. In fact, thanks to the 123Cryptos course, you can now learn the basics of Bitcoin in just 100 minutes.
However, surely it's impossible to simply cut off 9,900 minutes of information and knowledge and expect to know it all? Whilst that's true, we believe the beginner can still learn the most important bits if explained in a simple and to-the-point way.
In this blog, we are going to highlight the key aspects that feature in our 100-minute, jargon-free course:
The History of Money
To really understand Bitcoin, it is suggested you learn about the history of money first. This is important to learn because from this we can determine what money really is and what properties it should have. Moreover, we are all familiar with gold being something special and rare, yet we don't really know much more than that.
On the contrary, we use fiat money (government-issued e.g. pound and dollar) today without any hesitation, yet don't know that it is a worse form of money when compared to gold. Why did we take away a better form of money and replace it with a worse one? How does Bitcoin fix this? The 123Cryptos course explains why.
Understanding The Concepts of Bitcoin
Bitcoin is a decentralised digital currency that operates on a peer-to-peer network. It is not controlled by any central authority and is instead governed by a set of rules encoded in its software. It's important to understand the concepts otherwise you won't realise why Bitcoin is so important.
But bearing in mind we are trying to minimise the learning time from 10,000 hours to 100 minutes, there needs to be simpler references. In the course, we highlight some core functions that make Bitcoin stand out and refer to them as the defenders and protectors of Bitcoin. As you go through the course, you will soon understand why they are given that name.
How Bitcoin Works
Bitcoin transactions are recorded on a public ledger called the blockchain. This ledger is maintained by a network of computers, known as nodes, which validate transactions and add them to the blockchain.
Some of the words above relate to the previous sections comments on the defenders and protectors of Bitcoin. The concepts play a crucial role in how Bitcoin functions on a daily basis.
Benefits of Using Bitcoin
We are passionate about Bitcoin and so there has to be some benefits! In short, Bitcoin offers several benefits over traditional currencies, including lower transaction fees, faster transactions, and increased privacy.
Over the span of 100 minutes, we gradually make Bitcoin's benefits more apparent through the continual journey of going from the history of money to digital money in a digital world. Just as the Bitcoin community says "gradually, then suddenly", we followed a similar approach in the course.
Bitcoin is not crypto
This is a recurring theme from us but it is has to be mentioned because it is so important beginners are aware of the key differences exist between the two. In the course, we break down the what "crypto" is, what it is trying to solve and why it exists if Bitcoin was already created first.
From there, we can begin understanding more about Bitcoin. We are confident that in just 100 minutes of information, we can clearly explain how Bitcoin is special and why what risks you run by getting involved in crypto.
Future of Bitcoin
Bitcoin has come a long way since its inception in 2009, but its future is still uncertain. We even make it clear in the course that Bitcoin may not be around forever. In fact, we even state that nothing lasts forever. This is a key part of the explanation of the history of money during the introduction of the course.
Ultimately, the future of everything is unknown. We have to work with what's in front of us, and thanks to the beauty of technology, things are changing all the time. Technology is improving and we having to adapt. Money is already in the process of change across the world.
In conclusion, learning about Bitcoin doesn't have to be a time-consuming or overwhelming experience. By understanding the basics of how it works, its benefits and more, you can get started on your journey to become more confident about Bitcoin in just 100 minutes.