Thoughts on Bitcoin

A short summary of bitcoin

Electronic money is all about ledger (transactions) which tells who sent money to whom, in standard financial system, central/federal/reserve bank (different nations have different names for these) and by extension, financial institutions are “trusted” to maintain that ledger. Any work which requires a “trusted” party can in principle, be done using cryptography without requiring a “trusted” party and bitcoin is manifestation of that applied to ledger. For more thorough treatment have a look at original paper or this blog post.

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