26 Sep '13, 6pm
Why You Should Care About Bitcoin
Like oil, Bitcoin can be refined and put to use in novel and yet-to-be imagined ways. Bitcoin’s scripting language can be used to create transactions with multiple components (a standard bitcoin transfer needs just two things: (1) proof of bitcoin ownership by the sender and (2) the address of the recipient). Contracts can be designed and enforced that can require additional approvals, reference external facts, or even be timed to complete in the future. Because these conditions can be built directly into the Bitcoin protocol, this provides an interesting alternative to relying on (and paying!) banks, lawyers or other institutions regularly entrusted to help craft, facilitate and enforce transactions between private parties. Bitcoin can be used in marketplaces where others can’t or won’t usually go (especially for less than their market rate). Similarly, marketplaces with ...