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"all religions, arts and sciences are branches of the same tree. all these aspirations are directed toward ennobling man's life, lifting it from the sphere of mere physical existence and leading the individual towards freedom." albert einstein

bitcoin: a p2p e-cash system



wikipedia describes bitcoin as "an open source peer-to-peer electronic cash system [..] that's completely decentralized, with no central server or trusted parties. users hold the crypto keys to their own money and transact directly with each other, with the help of the network to check for double-spending."

money has evolved from a largely anonymous market system to one with increasing amounts of monitoring, tracking, control and regulation. cash flow is now processed through a series of regulated financial institutions like banks and credit unions. bitcoin aims to re-establish both privacy and autonomy by avoiding the middlemen, and making the direct exchange between seller and buyer possible. an user can store bitcoins and exchange them directly with other users without any need of the currency being verified by a third party, such as a bank or government. it uses a unique system to prevent multiple-spending of each coin, which makes it an interesting development in the movement toward digital cash systems. if it were to live up to the dreams of its creators, bitcoin might offer the kind of anonymity and freedom in the digital environment we associate with cash used in the offline world.

bitcoin is fairly easy to use. anyone can go online and start using bitcoins. you can even devote some of your cpu time to generate bitcoins, which you will own. your computer literally making money. new coins are generated by a network node each time it finds the solution to a certain mathematical problem, which is difficult to perform, adjusted to generation rates and can demonstrate a proof of work. the reward for solving a block is automatically adjusted so that in the first 4 years of the bitcoin network, 10,500,000 btc will be created. the amount is halved each 4 years, so it will be 5,250,000 over years 4-8, 2,625,000 over years 8-12 and so on. thus the total number of coins will approach 21,000,000 BTC over time.

as bitcoin developer gavin andresen explained, every coin has a digital signature attached to it for every transaction that takes place; each time the coin is exchanged, another signature is added. if two coins appear identical, the one that was accepted by the bitcoin network first is considered valid. even though the transactions are public, the individuals tied to the transactions are anonymous. similar to how the stock exchange makes stock values public without disclosing individual owners. it is a very interesting way of fraud protection.

it is intriguing how governments around the world will react about the possible legal issues with any digital cash scheme: money laundering, tax evasion, black markets, etc. bitcoin is an intriguing project and worth watching to see how it develops in the coming years. if you find bitcoin interesting like me, go read the technical paper: bitcoin: a peer-to-peer electronic cash system, and the very interesting article by marc bevand.

and also check out the list of sites that accept bitcoin.

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De: UK Assignment Writing Fecha: 2018-11-24 09:59

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