There is no philosophy in Bitcoin. It is not anarchic, libertarian, Austrian or anonymous. It is just an internet protocol and a bunch of people that use it to transact between each other. The protocol has purely technical and monetary measures to prevent spam, DoS, double spending an...
When talking about money, people usually say something like “money has no or very little direct use value and is only useful as a medium of exchange”. For instance, you value your silver spoon for its immediate use during the dinner, but the dollar bills do not have any value in thems...
Unlike Visa, MasterCard and PayPal, all bitcoin transactions are final and cannot be reversed. Chargeback thus can be performed based on a good will of the seller. On the other hand, Bitcoin transactions do not just express transfer of funds, but may also express complex contractual a...
Bitcoin “mining” is a misnomer Bitcoin “mining” is a process of creating hard-to-compute chain of transactions to make sure nobody tries to spend money twice. It is important because the chain is not stored on a trusted server, but rather copied thousands of times among all the comput...
