[Scott Driscoll] sent us a link to his Bitcoin explanation a couple of weeks ago. We glanced at it however moved on rather quickly. It’s been popping up right here as well as there as well as we lastly provided it the time it deserved. This video is fascinating in that it doesn’t just focus on what the Bitcoin really is, however exactly how the Bitcoin system works when it comes time for money to modification hands.
Quite early on in the explanation he mentions that “The Bitcoin system is amazingly designed to ensure that no trust is needed”. That’s a powerful statement. For instance, if you offer your car, one of your buddies will most likely tell you not to take a check. That’s since a inspect means you’re trusting that the purchaser really has a balance in their account to cover the transaction. With Bitcoin the deal brings its own proof that the currency is offered by including info about the past transactions with which those Bitcoins were acquired.
If you have some concept of what public/private key pairs are you’re already equipped to comprehend [Scott’s] lecture. After you make it with the 22 minute video perhaps you should get down to work doing some Bitcoin mining at home.