30 Nov '13, 8pm

The Bitcoin FAQ: What Newcomers Need To Know #news

The Bitcoin FAQ: What Newcomers Need To Know #news

The following is an excerpt from The Bitcoin Primer: Risks, Opportunities, And Possibilities , my new book on global digital currency Bitcoin. I’m an early adopter of the technology, having become interested back in October 2012 when I had major Bitcoin angel investor Roger Ver on my podcast. What is Bitcoin? What’s so novel about it? Bitcoin is a peer to peer decentralized digital currency. It makes use of advanced elliptic curve mathematics and cryptography, as well as a globally replicated public ledger called the Blockchain. There are several things Bitcoin accomplishes that was previously not possible with e-currency. OK. What are those things? Bitcoin makes it impossible (or near impossible) for double-spend transactions to occur — in other words, when money leaves your possession, it is no longer yours. This was a huge challenge with digital currency because when yo...

Full article: http://disinfo.com/2013/11/bitcoin-faq-newcomers-need-know/

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