You can think of Bitcoin as a currency, a way to pay for things, which it definitely is. But it’s more than that too. Bitcoin is the first digital creation that cannot be copied. Let that sink in. Until Bitcoin was invented even the best copyright protection software could be cracked. You can go, you could go, on Pirate Bay and download anything. Bitcoin was the first time when we saw a digital asset that had the same properties as a bar of gold a car or your Xbox controller, it couldn’t be duplicated. Pretty cool right?
Another way of looking at Bitcoin, and perhaps even more so Ethereum, is as a decentralized consensus mechanism. A protocol that will make a decision in a consistent known and fair way, each and every time, and is incapable of being influenced by a malicious actor. That’s big! Traditionally decisions are made by humans but what if you have an idea that would require twenty six decisions a minute, every minute, twenty four hours a day. That’s a problem for a program, not a person.
I’m sure there are even more ways of looking at these protocols besides the two properties I just mentioned. If you want to leave a comment below about some ideas I’ve missed I’d love that. But the main point is, don’t make the mistake of thinking that cryptocurrency is money and nothing else. There are a whole host of unique features that are going to shape the world for decades to come.
Did You Enjoy Reading This?
Enter your address and you'll be the first to know whenever I publish something new. I'll never sell your address, trade it for whiskey or give it to a Nigerian businessman.
http://www.samklemens.com/wp-content/uploads/2018/06/SK-Logo.png00Samhttp://www.samklemens.com/wp-content/uploads/2018/06/SK-Logo.pngSam2019-02-13 13:43:202019-02-26 12:46:33Two Unique Ways to Look at Bitcoin