Welcome to Abarai Academy

Abarai Academy is the place where words like bitcoin, blockchain and crypto become familiar and easy to understand.

In this section you’ll find simplified explanations of what bitcoin is, how it works, and how it can be stored and used. You’ll also find articles that will help you not only understand blockchain technology, but also master terms like Halving, Bitcoin Dominance, cryptocurrency or mining (how bitcoin or another cryptocurrency is mined).

What is bitcoin? What is a cryptocurrency?

Put simply, bitcoin and most cryptocurrencies work just like regular cash, except they’re entirely digital.

For example, on a 100 RON banknote there’s a unique series and number that carries information about the issue date, the number of banknotes issued, etc. (source). When you deposit 100 RON into your bank account, the bank that manages your account records that transaction.

Bitcoin works the same way — a bitcoin address is like a bank account, except the transaction record isn’t stored in a bank’s ledger, but on the bitcoin blockchain.

Bitcoin wallet – Abarai Academy

To store, send or receive bitcoin you need a digital wallet. Although a bitcoin wallet doesn’t actually store your funds, it’s used to manage them safely. With it you can access your bitcoin address and carry out transactions. There are several types of bitcoin wallets, but for beginners we recommend using a software wallet (an app you can install on your phone or PC). We also encourage you to use a “self-custody” wallet — with this type of wallet, you’re the only person who has access to and control over the funds.