09 Apr '13, 8pm

Bitcoin vs. Big Government

Bitcoin is revolutionary because it solves the double-spending problem without employing an intermediary; there is only the payer and the payee. The system accomplishes this by distributing the ledger of transactions across a peer-to-peer network of users, much like BitTorrent. This allows a record to be kept of all transfers so that the same cash can’t be spent twice, but because it’s distributed, there’s no one central authority keeping the ledger. This makes bitcoins true digital cash. Like dollar bills or euro coins, if you hand them over to a payee, you will no longer have them. And because there is no third party running the ledger, there is no one for the government to pressure or regulate.

Full article: http://reason.com/archives/2013/04/09/bitcoin-vs-big-gove...

Tweets

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