Nice write up!

Read your post and i have to say something about it..

Bitcoin is a new form of "sound money". Sound Money (Sound=good) is a type of money that you know will not lose it's value (not the same with price) because 1 BTC will always worth 0.00000476% of the whole Bitcoin economy. But the same cannot be said for paper money since the bank is always printing new money.

"Mining" is the operation where the computers crunch the numbers (hashing) to create a new "block" (dataset) of bitcoin transaction to the blockchain. Mining is important since by hashing the data, if someone wants to make fake transaction, they need a computer that is more powerful than all the mining computers in the Bitcoin Network.

Imagine mining as being an government accountant, you get a cheque from people and you write it in the book but before you do that you confirm with ALL the accountant the world. So that everyone have the same book even if everyone is writing on it.

If you own Bitcoin (you have the private keys), that means you have the power to be your own bank. You dont need to trust people to keep your money. You keep your own Bitcoin and not only that, you can also make sure other people dont make fake bitcoin transaction by using simple computer settings.

That is the power of Bitcoin.