what is bitcoin #lesson #eli5
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metamitya
metamitya
#bitcoin is a digital, peer to peer, cryptographically secure, deflationary money
09/24/17
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metamitya
metamitya
#bitcoin is important bc it's the first digital money which can be stored or sent from one person to another w/o relying on a central authority like a bank or corporation
09/24/17
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metamitya
metamitya
#bitcoin has the convenience of other digital money but bc it is peer to peer - has no central authority - it's very difficult to censor or control
09/27/17
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metamitya
#bitcoin is secured by cryptography so that those who transact on its network have a level of anonymity and their funds cannot be seized by hackers or governments
09/27/17
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metamitya
the #bitcoin software guarantees that only 21 million will be created making bitcoin scarce and therefore valuable and making it impossible to devalue through inflation
09/27/17
what does it mean for money to be inflated
PARENT
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metamitya
#bitcoin has the convenience of other digital money but bc it is peer to peer - has no central authority - it's very difficult to censor or control
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As a result of inflation, the purchasing power of a unit of currency falls. For example, if the inflation rate is 2%, then a pack of gum that costs $1 in a given year will cost $1.02 the next year. As goods and services require more money to purchase, the implicit value of that money falls.
09/25/17
what is peer to peer
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metamitya
#bitcoin is a digital, peer to peer, cryptographically secure, deflationary money
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Peer-to-peer (P2P) computing or networking is a distributed application architecture that partitions tasks or workloads between peers. Peers are equally privileged, equipotent participants in the application. They are said to form a peer-to-peer network of nodes.
09/25/17
what is cryptography
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metamitya
#bitcoin is a digital, peer to peer, cryptographically secure, deflationary money
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Cryptography or cryptology[a] is the practice and study of techniques for secure communication in the presence of third parties called adversaries.[2] More generally, cryptography is about constructing and analyzing protocols that prevent third parties or the public from reading private messages;
09/25/17
what is digital money
PARENT
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metamitya
#bitcoin is a digital, peer to peer, cryptographically secure, deflationary money
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Digital currency (digital money or electronic money or electronic currency) is distinct from physical (such as banknotes and coins). It exhibits properties similar to physical currencies, but allows for instantaneous transactions and borderless transfer-of-ownership.
09/25/17