10 Mar '13, 6pm

The Demographics Of Bitcoin

Finite supply is one, and the other critical difference (which is actually a group of differences) is ultimately adherence to stringent accounting standards that are enforced by the network itself.. Everything about bitcoin revolves around the "blockchain," which put simplistically is a book of accounts. This book is shared among peers on the bitcoin network, and to make changes to it, two things have to happen, one is that the movement of bitcoin between accounts has to be cryptographically authenticated, and the other is that the network itself has to verify that authentication and essentially sign off on it via the block finding process. Every conforming peer holds a copy of the entire set of accounts for the whole bitcoin universe. There are bunch of interesting side effects of this that result in something far different than traditional fiat. Because each transaction ...

Full article: http://www.zerohedge.com/news/2013-03-10/demographics-bit...

Tweets

Demographics of BitCoin - small sample size but interesting

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