Reviving exonumia.cc

This commit is contained in:
Kgothatso Ngako 2020-02-15 01:31:53 +02:00
parent c3eded6ee2
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module.exports = {
locales: {
'/': {
lang: 'en-US',
title: 'Exonumia',
description: 'The landing page for native African language speaker looking to learn about Bitcoin.'
},
'/ng/': {
lang: 'ng',
title: 'Exonumia',
description: 'Ke yona landing page for native African language speaker looking to learn about Bitcoin.'
}
},
themeConfig: {
repo: 'https://code.sigidli.com/exonumia/exonumia.cc',
repoLabel: 'CODE',
editLinks: true,
searchPlaceholder: 'what goes up?',
// i18n
locales: {
'/': {
selectText: '🇬🇧 Languages',
label: '🇬🇧 English',
ariaLabel: 'Languages',
editLinkText: 'Improve Content',
nav: [
{
text: 'Home',
link: '/'
},
{
text: 'Translations',
link: '/translations/'
},
{
text: 'Sigidli',
link: 'https://sigidli.com'
}
],
sidebar: [
'/about/',
{
title: 'Translations', // required
path: '/translations/', // optional, which should be a absolute path.
// collapsable: false, // optional, defaults to true
// sidebarDepth: 3, // optional, defaults to 1
children: [
'/',
'/explain-bitcoin-like-im-five/',
'/bitcoin-is-like/',
'/i-am-hodling/'
]
}
],
},
'/ng/': {
selectText: '🇳🇦 Languages',
label: '🇳🇦 Oshiwambo',
ariaLabel: 'Languages',
editLinks: true,
editLinkText: "Improve Translation!",
nav: [
{
text: 'Home',
link: '/ng/'
},
{
text: 'Translations',
link: '/ng/translations/'
},
{
text: 'Sigidli',
link: 'https://sigidli.com'
},
],
sidebar: [
'/about/',
{
title: 'Translations', // required
path: '/translations/', // optional, which should be a absolute path.
// collapsable: false, // optional, defaults to true
// sidebarDepth: 3, // optional, defaults to 1
children: [
'/',
'/explain-bitcoin-like-im-five/',
'/bitcoin-is-like/',
'/i-am-hodling/'
]
}
],
}
}
}
}

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# Welcome to Bitcoin, newcomers!
### Here's your FAQ:
Q: Who should I trust?
A: **Nobody.**
Q: When should I sell?
A: **Never.**
Q: Is Bitcoin dying because ____?
A: **No.**
Q: What have I gotten myself into?
A: **Nobody knows.**
Q: How do I learn more?
A: **We have a [wealth of content here](/translations).** Or you can visit [lopp.net](https://www.lopp.net/bitcoin-information.html)

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# About Exonumia
The study of currency.

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# Bitcoin Is Like
by Oleg Andreev [2017/12/10](https://oleganza.com/all/bitcoin-is-like/)
**Bitcoin is like physical cash:** it is not reversible and you are responsible for handling it. If you lose your wallet, you lose your money. You can give bitcoins to someone to hold them for you, but it will be like with any bank: you have to trust them that they wont run away with your money.
**Bitcoin is unlike physical cash:** you can store as much as you want and it will not take any space. You can send it over the wire to anyone. It is impossible to counterfeit. You cant give it in one second: to actually guarantee that transaction has happened, you have to wait 10-15 minutes for the cryptographic proof to be produced by the network.
**Bitcoin is like gold:** it cannot be produced at will, there is a limited amount of it and this amount is scattered in spacetime continuum (mostly time). To get some bitcoins someone should give them to you, or you should *mine* them. Like gold, Bitcoin is shiny: it attracts people with its beautiful engineering, built-in contract programming language, wise incentives, and libertarian promise of freedom from coercion.
**Bitcoin is unlike gold:** supply of Bitcoin is completely fixed via scheduled mining (only so much bitcoins are created per hour). You have a guarantee that no one will suddenly find a mountain of bitgold or mine it on asteroids. Unlike gold, Bitcoin difficulty is adjusted to the mining efforts to keep the schedule fixed. You may dig up all the gold in one day, but it will never be possible with Bitcoin no matter how fast computers will ever become. Growing mining efforts can only bend schedule slightly (network adjusts difficulty to producing 6 blocks per hour, but if network constantly grows it may produce 7-8 blocks per hour).
**Bitcoin is like a bank:** there are computers, databases and transactions. Databases store the entire history of all incoming and outgoing payments: who send how much to whom. Everything is digital. There are no vaults with gold or personal deposit boxes, only bookkeeping in a single “ledger”.
**Bitcoin is unlike a bank:** everyone can verify that their database contains the same ledger data as everyone elses. There is no manager in charge of updating the ledger and making sure it is not tampered with. Any person may have as many accounts as they like and all accounts are anonymous (unless one reveals his identity himself). Ledger does not store names, only balances and account numbers. There is no possibility of a “fractional reserve” when bank loans out more money than it actually has. In fact, there are no debts on bitcoin ledger: either you have money on your address and it is fully yours, or you dont and you cant use it at all. Also, Bitcoin allows to lock money with “contracts”: cryptographic puzzles designed to spread the decision making between several people or across time.
**Bitcoin is like Monopoly money:** coins are abstract tokens that are not claims to any value. People value them because they choose to play the game. In fact, the same is true for gold or any other money.
**Bitcoin is unlike Monopoly money:** there is a limited supply of tokens and no one can counterfeit them. This makes them a good candidate for a universally recognized collectible like gold or silver coins.
**Bitcoin is like Git:** in Git (a distributed version control system) all your changes are organized in a chain protected by cryptographic hashes. If you trust the latest hash, you can get all the previous information (or any part of it) from any source and still verify that it is what you expect. Similarly, in Bitcoin, all transactions are organized in a chain (*the blockchain*) and once validated, no matter where they are stored, you can always trust any piece of blockchain by checking a chain of hashes that link to a hash you already trust. This naturally enables distributed storage and easy integrity checks.
**Bitcoin is unlike Git:** in a way that everyone strives to work on a single branch. In Git everyone may have several branches and fork and merge them all day long. In Bitcoin one cannot “merge” forks. The blockchain is a actually a tree of transaction histories, but there is always one biggest branch (which has the value) and some accidental mini-branches (no more than one-two blocks long) that have no value at all. In Git content matters more than branches, in Bitcoin consensus matters more than content.
**Bitcoin is like Bittorrent:** the network is fully decentralized, there is no single “mint” or “bank”. The blockchain is like a single file on bittorrent: cryptographically authenticated and shared across many computers. Every participant, including miners are acting on equal grounds. If one part of the network becomes disrupted, transactions can flow through other parts. Even if the entire network goes down, information about transactions is still stored on many thousands of independent computers and no ones money is lost. When people connect with each other again, they can continue sending transactions like nothing happened. Both Bitcoin and Bittorrent can survive a nuclear war because information does not become radioactive and can be safely replicated.
**Bitcoin is unlike Bittorrent:** instead of many independent “files”, there is one file that always grows: the blockchain. Also, the most important participants: miners are actually getting rewarded for their work with real money.
**Bitcoin is like freedom of speech:** every transaction is a short public message that can be pronounced no matter where or how. If some miners hear it, they will add it in the blockchain and that message will be forever in the history. Everyone will see it and no one will be able to erase it.
**Bitcoin is unlike freedom of speech:** saying something comes with a cost. Transaction moves coins that you must have to start with. So not every moron is allowed to shout, but only those who had a merit to acquire some coins in the first place. Also, miners may reject transaction if its spammy or does not contain enough fees. So no one provides anyone with freedom as “in beer”, but everyone tries to cooperate on a voluntary basis.
**Bitcoin is like a social contract:** it is a pure cultural phenomenon. It works as money as long as people treat it as such and have guts to hold it and respect its rules. Technology is needed only insomuch to provide necessary plumbing for that contract.
**Bitcoin is unlike a social contract:** it is not the kind of a contract that they teach at schools. Its not flexible, and its not imposed by some rulers. Its a virtually immutable set of rules that everyone chooses to apply to themselves, therefore adding to a unanimous consensus.
**Bitcoin is like magic internet money:** it simply is.

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# Explain Bitcoin Like Im Five
by Nik Custodio [2013/12/12](https://www.freecodecamp.org/news/explain-bitcoin-like-im-five-73b4257ac833/)
### If you still cant figure out what the heck a bitcoin is…
Were sitting on a park bench. Its 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?
### Lets look closely at what happened:
My apple was physically put into your hand.
You know it happened. I was there. You were there. You touched it.
We didnt need a third person there to help us make the transfer. We didnt need to pull in Uncle Tommy (whos a famous judge) to sit with us on the bench and confirm that the apple went from me to you.
The apples yours! I cant give you another apple because I dont have any left. I cant 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 thats what an in-person exchange looks like. I guess its really the same, whether Im giving you a banana, a book, or say a quarter, or a dollar bill….
But Im getting ahead of myself.
### Back to apples!
Now say, I have one digital apple. Here, Ill give you my digital apple.
Ah! Now it gets interesting.
How do you know that that digital apple that used to be mine, is now yours, and only yours? Think about it for a second.
Its more complicated, right? How do you know that I didnt send that apple to Uncle Tommy as an email attachment first? Or your friend Joe? Or my friend Lisa too?
Maybe I made a couple of copies of that digital apple on my computer. Maybe I put it up on the internet and one million people downloaded it.
As you see, this digital exchange is a bit of a problem. Sending digital apples doesnt look like sending physical apples.
Some brainy computer scientists actually have a name for this problem: its called the double-spending problem. But dont worry about it. All you need to know is that, its confused them for quite some time and theyve never solved it.
Until now.
But lets try to think of a solution on our own.
### Ledgers
Maybe these digital apples need to be tracked in a ledger. Its basically a book where you track all transactions — an accounting book.
This ledger, since its digital, needs to live in its own world and have someone in charge of it.
Say, just like World of Warcraft. Blizzard, the guys who created the online game, have a “digital ledger” of all the rare flaming fire swords that exist in their system. So, cool, someone like them could keep track of our digital apples. Awesome — we solved it!
### Problems
Theres a bit of a problem though:
1) What if some guy over at Blizzard created more? He could just add a couple of digital apples to his balance whenever he wants!
2) Its not exactly like when we were on the bench that one day. It was just you and me then. Going through Blizzard is like pulling in Uncle Tommy(a third-party) out of court(did I mention hes a famous judge?) for all our park bench transactions. How can I just hand over my digital apple to you, like, you know— the usual way?
> Is there any way to closely replicate our park bench, just you-and-me, transaction digitally? Seems kinda tough…
### The Solution
What if we gave this ledger — to everybody? Instead of the ledger living on a Blizzard computer, itll live in everybodys computers. All the transactions that have ever happened, from all time, in digital apples will be recorded in it.
You cant cheat it. I cant send you digital apples I dont have, because then it wouldnt sync up with everybody in the system. Itd be a tough system to beat. Especially if it got really big.
Plus its not controlled by one person, so I know theres no one that can just decide to give himself more digital apples. The rules of the system were already defined at the beginning. And the code and rules are open-source. Its there for the smart people to contribute to, maintain, secure, improve on, and check on.
You could participate in this network too and update the ledger and make sure it all checks out. For the trouble, you could get like 25 digital apples as a reward. In fact, thats the only way to create more digital apples in the system.
### I simplified quite a bit
… but that system I explained exists. Its called the Bitcoin protocol. And those digital apples are the *“bitcoins”* within the system. Fancy!
So, did you see what happened? What does the public ledger enable?
1) Its open source remember? The total number of apples was defined in the public ledger at the beginning. I know the exact amount that exists. Within the system, I know they are limited(scarce).
2) When I make an exchange I now know that digital apple certifiably left my possession and is now completely yours. I used to not be able to say that about digital things. It will be updated and verified by the public ledger.
3) Because its a public ledger, I didnt need Uncle Tommy(third-party) to make sure I didnt cheat, or make extra copies for myself, or send apples twice, or thrice…
Within the system, the exchange of a digital apple is now just like the exchange of a physical one. Its now as good as seeing a physical apple leave my hand and drop into your pocket. And just like on the park bench, the exchange involved two people only. You and me — we didnt need Uncle Tommy there to make it valid.
In other words, it behaves like a physical object.
But you know whats cool? Its still digital. We can now deal with 1,000 apples, or 1 million apples, or even .0000001 apples. I can send it with a click of a button, and I can still drop it in your digital pocket if I was in Nicaragua and you were all the way in New York.
I can even make other digital things ride on top of these digital apples! Its digital after-all. Maybe I can attach some text on it — a digital note. Or maybe I can attach more important things; like say a contract, or a stock certificate, or an ID card…
So this is great! How should we treat or value these “digital apples”? Theyre quite useful arent they?
Well, a lot of people are arguing over it now. Theres debate between this and that economic school. Between politicians. Between programmers. Dont listen to all of them though. Some people are smart. Some are misinformed. Some say the system is worth a lot, some say its actually worth zero. Some guy actually put a hard number: $1,300 per apple. Some say its digital gold, some a currency. Other say theyre just like tulips. Some people say itll change the world, some say its just a fad.
I have my own opinion about it.
Thats a story for another time though. But kid, you now know more about Bitcoin than most.
#### Recommend Reading (Updated 2017)
[“You Dont Understand Bitcoin Because You Think Money is Real”](https://medium.com/@mariabustillos/you-dont-understand-bitcoin-because-you-think-money-is-real-5aef45b8e952?source=linkShare-2d6f142ff3cc-1512362100) by [Maria Bustillos](https://www.freecodecamp.org/news/explain-bitcoin-like-im-five-73b4257ac833/undefined) is a good follow-up read.
You can also read more about [Ethereum and Smart Contracts here](https://medium.freecodecamp.org/smart-contracts-for-dummies-a1ba1e0b9575?source=linkShare-2d6f142ff3cc-1512086124). Enjoy!

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# I AM HODLING
by GameKyuubi [2013/12/18](https://bitcointalk.org/index.php?topic=375643.0)
I type d that tyitle twice because I knew it was wrong the first time. Still wrong. w/e. GF's out at a lesbian bar, BTC crashing WHY AM I HOLDING? I'LL TELL YOU WHY. It's because I'm a bad trader and I KNOW I'M A BAD TRADER. Yeah you good traders can spot the highs and the lows pit pat piffy wing wong wang just like that and make a millino bucks sure no problem bro. Likewise the weak hands are like OH NO IT'S GOING DOWN I'M GONNA SELL he he he and then they're like OH GOD MY ASSHOLE when the SMART traders who KNOW WHAT THE FUCK THEY'RE DOING buy back in but you know what? I'm not part of that group. When the traders buy back in I'm already part of the market capital so GUESS WHO YOU'RE CHEATING day traders NOT ME~! Those taunt threads saying "OHH YOU SHOULD HAVE SOLD" YEAH NO SHIT. NO SHIT I SHOULD HAVE SOLD. I SHOULD HAVE SOLD MOMENTS BEFORE EVERY SELL AND BOUGHT MOMENTS BEFORE EVERY BUY BUT YOU KNOW WHAT NOT EVERYBODY IS AS COOL AS YOU. You only sell in a bear market if you are a good day trader or an illusioned noob. The people inbetween hold. In a zero-sum game such as this, traders can only take your money if you sell.

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# Welcome to Bitcoin, newcomers!
### Here's your FAQ:
Q: Who should I trust?
A: **Nobody.**
Q: When should I sell?
A: **Never.**
Q: Is Bitcoin dying because ____?
A: **No.**
Q: What have I gotten myself into?
A: **Nobody knows.**
Q: How do I learn more?
A: **We have a [wealth of content here](/translations).** Or you can visit [lopp.net](https://www.lopp.net/bitcoin-information.html)

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# About Exonumia
The study of currency.

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# Bitcoin Is Like
by Oleg Andreev [2017/12/10](https://oleganza.com/all/bitcoin-is-like/)
**Bitcoin is like physical cash:** it is not reversible and you are responsible for handling it. If you lose your wallet, you lose your money. You can give bitcoins to someone to hold them for you, but it will be like with any bank: you have to trust them that they wont run away with your money.
**Bitcoin is unlike physical cash:** you can store as much as you want and it will not take any space. You can send it over the wire to anyone. It is impossible to counterfeit. You cant give it in one second: to actually guarantee that transaction has happened, you have to wait 10-15 minutes for the cryptographic proof to be produced by the network.
**Bitcoin is like gold:** it cannot be produced at will, there is a limited amount of it and this amount is scattered in spacetime continuum (mostly time). To get some bitcoins someone should give them to you, or you should *mine* them. Like gold, Bitcoin is shiny: it attracts people with its beautiful engineering, built-in contract programming language, wise incentives, and libertarian promise of freedom from coercion.
**Bitcoin is unlike gold:** supply of Bitcoin is completely fixed via scheduled mining (only so much bitcoins are created per hour). You have a guarantee that no one will suddenly find a mountain of bitgold or mine it on asteroids. Unlike gold, Bitcoin difficulty is adjusted to the mining efforts to keep the schedule fixed. You may dig up all the gold in one day, but it will never be possible with Bitcoin no matter how fast computers will ever become. Growing mining efforts can only bend schedule slightly (network adjusts difficulty to producing 6 blocks per hour, but if network constantly grows it may produce 7-8 blocks per hour).
**Bitcoin is like a bank:** there are computers, databases and transactions. Databases store the entire history of all incoming and outgoing payments: who send how much to whom. Everything is digital. There are no vaults with gold or personal deposit boxes, only bookkeeping in a single “ledger”.
**Bitcoin is unlike a bank:** everyone can verify that their database contains the same ledger data as everyone elses. There is no manager in charge of updating the ledger and making sure it is not tampered with. Any person may have as many accounts as they like and all accounts are anonymous (unless one reveals his identity himself). Ledger does not store names, only balances and account numbers. There is no possibility of a “fractional reserve” when bank loans out more money than it actually has. In fact, there are no debts on bitcoin ledger: either you have money on your address and it is fully yours, or you dont and you cant use it at all. Also, Bitcoin allows to lock money with “contracts”: cryptographic puzzles designed to spread the decision making between several people or across time.
**Bitcoin is like Monopoly money:** coins are abstract tokens that are not claims to any value. People value them because they choose to play the game. In fact, the same is true for gold or any other money.
**Bitcoin is unlike Monopoly money:** there is a limited supply of tokens and no one can counterfeit them. This makes them a good candidate for a universally recognized collectible like gold or silver coins.
**Bitcoin is like Git:** in Git (a distributed version control system) all your changes are organized in a chain protected by cryptographic hashes. If you trust the latest hash, you can get all the previous information (or any part of it) from any source and still verify that it is what you expect. Similarly, in Bitcoin, all transactions are organized in a chain (*the blockchain*) and once validated, no matter where they are stored, you can always trust any piece of blockchain by checking a chain of hashes that link to a hash you already trust. This naturally enables distributed storage and easy integrity checks.
**Bitcoin is unlike Git:** in a way that everyone strives to work on a single branch. In Git everyone may have several branches and fork and merge them all day long. In Bitcoin one cannot “merge” forks. The blockchain is a actually a tree of transaction histories, but there is always one biggest branch (which has the value) and some accidental mini-branches (no more than one-two blocks long) that have no value at all. In Git content matters more than branches, in Bitcoin consensus matters more than content.
**Bitcoin is like Bittorrent:** the network is fully decentralized, there is no single “mint” or “bank”. The blockchain is like a single file on bittorrent: cryptographically authenticated and shared across many computers. Every participant, including miners are acting on equal grounds. If one part of the network becomes disrupted, transactions can flow through other parts. Even if the entire network goes down, information about transactions is still stored on many thousands of independent computers and no ones money is lost. When people connect with each other again, they can continue sending transactions like nothing happened. Both Bitcoin and Bittorrent can survive a nuclear war because information does not become radioactive and can be safely replicated.
**Bitcoin is unlike Bittorrent:** instead of many independent “files”, there is one file that always grows: the blockchain. Also, the most important participants: miners are actually getting rewarded for their work with real money.
**Bitcoin is like freedom of speech:** every transaction is a short public message that can be pronounced no matter where or how. If some miners hear it, they will add it in the blockchain and that message will be forever in the history. Everyone will see it and no one will be able to erase it.
**Bitcoin is unlike freedom of speech:** saying something comes with a cost. Transaction moves coins that you must have to start with. So not every moron is allowed to shout, but only those who had a merit to acquire some coins in the first place. Also, miners may reject transaction if its spammy or does not contain enough fees. So no one provides anyone with freedom as “in beer”, but everyone tries to cooperate on a voluntary basis.
**Bitcoin is like a social contract:** it is a pure cultural phenomenon. It works as money as long as people treat it as such and have guts to hold it and respect its rules. Technology is needed only insomuch to provide necessary plumbing for that contract.
**Bitcoin is unlike a social contract:** it is not the kind of a contract that they teach at schools. Its not flexible, and its not imposed by some rulers. Its a virtually immutable set of rules that everyone chooses to apply to themselves, therefore adding to a unanimous consensus.
**Bitcoin is like magic internet money:** it simply is.

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# Fatulula Bitcoin ndafa ndina oomvula ntano
by Nik Custodio [2013/12/12](https://www.freecodecamp.org/news/explain-bitcoin-like-im-five-73b4257ac833/)
### If you still cant figure out what the heck a bitcoin is…
Otwa kalomutumba poshipundi meshala lyomainyanyudho. Esiku ewanawa shili.
Ondina eyapula limwe. Andilikupe.
Paife owuna eyupela limwe, ngaye kandinasha.
Kashishi oshinima oshipu shono?
### Lets look closely at what happened:
My apple was physically put into your hand.
You know it happened. I was there. You were there. You touched it.
We didnt need a third person there to help us make the transfer. We didnt need to pull in Uncle Tommy (whos a famous judge) to sit with us on the bench and confirm that the apple went from me to you.
The apples yours! I cant give you another apple because I dont have any left. I cant 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 thats what an in-person exchange looks like. I guess its really the same, whether Im giving you a banana, a book, or say a quarter, or a dollar bill….
But Im getting ahead of myself.
### Back to apples!
Now say, I have one digital apple. Here, Ill give you my digital apple.
Ah! Now it gets interesting.
How do you know that that digital apple that used to be mine, is now yours, and only yours? Think about it for a second.
Its more complicated, right? How do you know that I didnt send that apple to Uncle Tommy as an email attachment first? Or your friend Joe? Or my friend Lisa too?
Maybe I made a couple of copies of that digital apple on my computer. Maybe I put it up on the internet and one million people downloaded it.
As you see, this digital exchange is a bit of a problem. Sending digital apples doesnt look like sending physical apples.
Some brainy computer scientists actually have a name for this problem: its called the double-spending problem. But dont worry about it. All you need to know is that, its confused them for quite some time and theyve never solved it.
Until now.
But lets try to think of a solution on our own.
### Ledgers
Maybe these digital apples need to be tracked in a ledger. Its basically a book where you track all transactions — an accounting book.
This ledger, since its digital, needs to live in its own world and have someone in charge of it.
Say, just like World of Warcraft. Blizzard, the guys who created the online game, have a “digital ledger” of all the rare flaming fire swords that exist in their system. So, cool, someone like them could keep track of our digital apples. Awesome — we solved it!
### Problems
Theres a bit of a problem though:
1) What if some guy over at Blizzard created more? He could just add a couple of digital apples to his balance whenever he wants!
2) Its not exactly like when we were on the bench that one day. It was just you and me then. Going through Blizzard is like pulling in Uncle Tommy(a third-party) out of court(did I mention hes a famous judge?) for all our park bench transactions. How can I just hand over my digital apple to you, like, you know— the usual way?
> Is there any way to closely replicate our park bench, just you-and-me, transaction digitally? Seems kinda tough…
### The Solution
What if we gave this ledger — to everybody? Instead of the ledger living on a Blizzard computer, itll live in everybodys computers. All the transactions that have ever happened, from all time, in digital apples will be recorded in it.
You cant cheat it. I cant send you digital apples I dont have, because then it wouldnt sync up with everybody in the system. Itd be a tough system to beat. Especially if it got really big.
Plus its not controlled by one person, so I know theres no one that can just decide to give himself more digital apples. The rules of the system were already defined at the beginning. And the code and rules are open-source. Its there for the smart people to contribute to, maintain, secure, improve on, and check on.
You could participate in this network too and update the ledger and make sure it all checks out. For the trouble, you could get like 25 digital apples as a reward. In fact, thats the only way to create more digital apples in the system.
### I simplified quite a bit
… but that system I explained exists. Its called the Bitcoin protocol. And those digital apples are the *“bitcoins”* within the system. Fancy!
So, did you see what happened? What does the public ledger enable?
1) Its open source remember? The total number of apples was defined in the public ledger at the beginning. I know the exact amount that exists. Within the system, I know they are limited(scarce).
2) When I make an exchange I now know that digital apple certifiably left my possession and is now completely yours. I used to not be able to say that about digital things. It will be updated and verified by the public ledger.
3) Because its a public ledger, I didnt need Uncle Tommy(third-party) to make sure I didnt cheat, or make extra copies for myself, or send apples twice, or thrice…
Within the system, the exchange of a digital apple is now just like the exchange of a physical one. Its now as good as seeing a physical apple leave my hand and drop into your pocket. And just like on the park bench, the exchange involved two people only. You and me — we didnt need Uncle Tommy there to make it valid.
In other words, it behaves like a physical object.
But you know whats cool? Its still digital. We can now deal with 1,000 apples, or 1 million apples, or even .0000001 apples. I can send it with a click of a button, and I can still drop it in your digital pocket if I was in Nicaragua and you were all the way in New York.
I can even make other digital things ride on top of these digital apples! Its digital after-all. Maybe I can attach some text on it — a digital note. Or maybe I can attach more important things; like say a contract, or a stock certificate, or an ID card…
So this is great! How should we treat or value these “digital apples”? Theyre quite useful arent they?
Well, a lot of people are arguing over it now. Theres debate between this and that economic school. Between politicians. Between programmers. Dont listen to all of them though. Some people are smart. Some are misinformed. Some say the system is worth a lot, some say its actually worth zero. Some guy actually put a hard number: $1,300 per apple. Some say its digital gold, some a currency. Other say theyre just like tulips. Some people say itll change the world, some say its just a fad.
I have my own opinion about it.
Thats a story for another time though. But kid, you now know more about Bitcoin than most.
#### Recommend Reading (Updated 2017)
[“You Dont Understand Bitcoin Because You Think Money is Real”](https://medium.com/@mariabustillos/you-dont-understand-bitcoin-because-you-think-money-is-real-5aef45b8e952?source=linkShare-2d6f142ff3cc-1512362100) by [Maria Bustillos](https://www.freecodecamp.org/news/explain-bitcoin-like-im-five-73b4257ac833/undefined) is a good follow-up read.
You can also read more about [Ethereum and Smart Contracts here](https://medium.freecodecamp.org/smart-contracts-for-dummies-a1ba1e0b9575?source=linkShare-2d6f142ff3cc-1512086124). Enjoy!

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# I AM HODLING
by GameKyuubi [2013/12/18](https://bitcointalk.org/index.php?topic=375643.0)
I type d that tyitle twice because I knew it was wrong the first time. Still wrong. w/e. GF's out at a lesbian bar, BTC crashing WHY AM I HOLDING? I'LL TELL YOU WHY. It's because I'm a bad trader and I KNOW I'M A BAD TRADER. Yeah you good traders can spot the highs and the lows pit pat piffy wing wong wang just like that and make a millino bucks sure no problem bro. Likewise the weak hands are like OH NO IT'S GOING DOWN I'M GONNA SELL he he he and then they're like OH GOD MY ASSHOLE when the SMART traders who KNOW WHAT THE FUCK THEY'RE DOING buy back in but you know what? I'm not part of that group. When the traders buy back in I'm already part of the market capital so GUESS WHO YOU'RE CHEATING day traders NOT ME~! Those taunt threads saying "OHH YOU SHOULD HAVE SOLD" YEAH NO SHIT. NO SHIT I SHOULD HAVE SOLD. I SHOULD HAVE SOLD MOMENTS BEFORE EVERY SELL AND BOUGHT MOMENTS BEFORE EVERY BUY BUT YOU KNOW WHAT NOT EVERYBODY IS AS COOL AS YOU. You only sell in a bear market if you are a good day trader or an illusioned noob. The people inbetween hold. In a zero-sum game such as this, traders can only take your money if you sell.

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# Exonumia Translations
- [Welcome to Bitcoin](/)
- [Explain Bitcoin Like I'm Five](/explain-bitcoin-like-im-five)
- [Bitcoin Is Like](/bitcoin-is-like)
- [I AM HODLING](/i-am-hodling)

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# Exonumia Translations
- [Welcome to Bitcoin](/)
- [Explain Bitcoin Like I'm Five](/explain-bitcoin-like-im-five)
- [Bitcoin Is Like](/bitcoin-is-like)
- [I AM HODLING](/i-am-hodling)

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{
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"version": "0.0.1",
"description": "The landing page for native African language speaker looking to learn about Bitcoin.",
"main": "exonumia.cc.js",
"scripts": {
"dev": "vuepress dev docs",
"build": "vuepress build docs"
},
"repository": {
"type": "git",
"url": "https://code.sigidli.com/exonumia/exonumia.cc.git"
},
"keywords": [
"exonumia",
"bitcoin",
"africa"
],
"author": "Sigidli",
"license": "CC-BY-NC-SA-4.0",
"dependencies": {},
"devDependencies": {
"vuepress": "^1.3.0"
}
}