“Personal computers in 1975, the Internet in 1993, and – I believe – Bitcoin in 2014.


“Bitcoin is the first practical solution to a longstanding problem in computer science known as the Byzantine Generals Problem… [posing] the question of how to establish trust between otherwise unrelated parties over an untrusted network like the Internet.

“Bitcoin is an Internet-wide distributed ledger…. Bitcoin is a digital bearer instrument… Bitcoin is a digital currency whose value is based directly on two things: use of the payment system today… and speculation on future use of the payment system.

“Bitcoins have the nifty property of infinite divisibility: currently down to eight decimal places after the dot, but more in the future.”

Bitcoin = the end of credit cards? This is an article to read and re-read in the coming months and years.

Article here.

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