Why Nobody Can Fake a Bitcoin Transaction, Explained So Simply You Will Finally Get It (Bit Coin, Wealth & Investing)

Let's start off with your address, your Bitcoin address.

And there's a public and private key, public and private address.

But I'll get into that in a second, because I think the word address is actually a bit confusing.

It makes you think of a house or somewhere where your Bitcoin lives, like an actual place.

But it's not really like that.

A better way to think about it is imagine a piggy bank, but it's made entirely of glass.

A bit like those ones you sometimes see in a museum or an airport, which is like a big glass thing.

that you donate currency into.

Imagine your piggy bank is sat out in public and anyone can walk past it and see exactly what's inside it at any moment.

That's the whole point of it being glass because nothing is hidden.

People can see how much is in your Bitcoin address if they know it's yours, for example.

But you know, it's just sat out there in public.

Everyone's Bitcoin addresses are these glass piggy banks and anyone in the world can also drop coins into the top of it whenever they like.

They don't need your permission.

They just post coins in there.

But down at the bottom, there's a slot with a lock on it.

And there's only one key in existence that opens that lock.

Nobody else can get anything out.

No matter how much they can see sitting inside this piggy bank through the glass, that's your address.

It's public.

It's visible to everyone.

Anyone can add to it.

But only one key lets anything come back out.