02 Feb '14, 2pm

Economics of Bitcoin

Economics of Bitcoin

Instead of having a sum (in dollars) in an account with a bank, you could have a sum (in Bitcoins) that you hold in an account that is kept track of by a network of individuals with a public record of where all the sums reside. The mechanics of being able to transfer an entry from one Bitcoin account to another are based on advances in cryptology that use open-architecture algorithms to convert one string of data into another. You can see one in operation here . You enter one string of characters, and out comes another string. Although the formulas by which the output is calculated are totally open and public, it is essentially infeasible to do the operation in reverse. If you only know the string that came out as a result of the operations, about the only way you can guess what went in is by trying every possible input string, a very time-consuming process even for the fa...

Full article: http://econbrowser.com/archives/2014/02/economics-of-bitcoin

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