Friday, December 11, 2015

what is bitcoin?




Bitcoin is a history (public 3 phase ledger) of the transaction of secret numbers.

How unique?

You have to trust the math. If there was a problem with the math it is likely it would have been exploited already or that errors would have been observed.

What?

Bitcoin is as safe as best practise security protocols will allow.

What?

Bitcoin has a history of being lost or stolen when stored electronically.

So?

Banking bitcoins and keeping them safe is "bloody hard".

So?

Petty cash only! Do not keep more than a few bitcoins. If you do use removable storage and keep under lock and key or in the chest of diamonds and rubies in the cellar.

What?

In game currency is coming to a reality near you.

Private?

Very.

Bitcoin represents extreme privacy.

Like Tor it is governed by decentralised cryptographic principles.

Multinational arms manufacturing outside government jurisdiction private.

So?

Information theory to date states information wants to be free.

Snowden wants transparent government and opaque citizens.

My life is transparent, is that not my liberty?