Its a peer-to-peer online currency, you’ve seen the video. But what is it you actually get, how do you store it locally on your computer? I had trouble conceptualizing Bitcoin until I came to this conclusion. Now its what I tell everyone.
Bitcoin is an online game. You can start unlimited new characters and the software is open source. The game is incredibly simple. There are a fixed amount of points (or coins) available. Each player only has 2 stats: a name (the wallet’s address), and BTC. When you store Bitcoin locally on your computer, you are creating a save of your online character. Your save file, like with any game, includes your stats and the state of the world around you at the time of saving. No one else is able to log into the game under your character if they haven’t got your password and your most recent save file.
Now it all makes sense right?