Trying to understand bitcoin is a bit like assembling a puzzle — if you can grasp each piece separately, you can form an understanding of what the bigger picture is. The best way to start is by looking at the problems bitcoin can solve.
You owe a friend £5. He lives far away and asks you to post the money. You are short on cash. Thus, you send him a £5 note in an old envelope with a second-class stamp. What could go wrong? The envelope could disappear at the sorting office. Perhaps the postman delivers it to the wrong address. Worse yet, your ‘friend’ might lie and say he didn’t receive the money. Yes, some people steal, cheat, or make mistakes. These sobering facts trouble anyone who transacts with other people.
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