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Or… why is it so hard to come up with a simple, yet accurate, explanation of Bitcoin and its importance? Many of my colleagues will recall situations where I have been almost fanatical in driving for intense clarity of expression.
And so it concerns me deeply that there is no good, simple, accurate and comprehensive explanation of Bitcoin that helps people understand what makes it so unique. And no cheating is allowed…. Your description has to be so good , it has to be so precise and it has to be so comprehensive that an attentive listener cannot possibly confuse Bitcoin for anything else. In other words, you need to get to the irreducible core of this bewilderingly complex system.
But did you notice how many concepts were packed into these descriptions, how much knowledge they assumed and how none of them really explained why this was so revolutionary? I think this is because there are really three independent concepts all competing for attention at the same time and we need to step back to unpack them. This is the key feature of Bitcoin as a currency and payment system and explains most of the current infrastructure build-out.
Secondly, Bitcoin works because it is based on a new concept: Decentralised global asset registers are also an entirely new invention. They can be used to register and transfer ownership of any digital asset. They work because of a third breakthrough: This is a breathtaking breakthrough in computer science ; we should expect to see the most forward-looking computer science schools undertaking active research in this space. It is built on a new invention, the decentralized global asset register.
In the PodCast, he used an interesting phrase. The obvious intuition here is to think of. We know what happened to the recorded music industry when this happened on an industrial scale. Is this the single concept that captures what makes Bitcoin so utterly unlike anything that came before? Richard, I agree that there is still a lack of understanding among the general public about how and why Bitcoin works.
But I think the reason is that most explanations out there are either: I think there is still a lot of room in between. Your attempt to boil this down to a few sentences is a good one and would give someone new to Bitcoin a good sense of what it is. But I think there is one more level down, that gets to some of the innards of how it works, but without the technical details.
This is what I attempted here: The scarcity attribute adds a profound foundation to the belief system supporting BitCoin as a digital currency. This reflects the choice of Gold for early physical coins: You have done well to distill the essence of BitCoin into such brief terms.
Tip hat towards Rashik Parmar. The designed mesh of attributes has estalished a financial resource on which to support a shared trust system. The sarcity granting trusted uniqueness , the ledger transparent information yet anonymous provenance , the mechanism of direct transfer no central authority nor clearing house. I struggled with the last one and I was worried that it might not be a true layer…. I think you can understand something without being able to explain it.
These are two very different skills. It sounds like you want to include both and have made a step towards it. I think that means its the application of an invention to achieve a payment network? You refer to it as a system.
Bitcoin sounds like a really bad name. Is it the coin or the system around the coin or the concensus network around the system around the coin or the impact of the network….. Well you can read my thoughts on this here http: Richard, again an eye opening post. I use the mataphore of the apple in my talks as well. The core for Bitcoin is different for different people.
But you better believe that the young will get it. It is available in eBook form from their website- http: It was fairly successful — some big founders in SV tweeted it out etc.
Btw, big fan of your posts. Cheers and keep em coming! Bitcoins, the currency may be scarce, but bitcoin the protocol is infinite. For now, the bitcoin protocol is dependent on the value of fiat currencies that also have no intrinsic value other than government force and the perceived value of Bitcoins, a digital fiat cryptocurrency. You cannot perform a use the bitcoin protocol without having the Bitcoin fiat currency. However, the protocol can be copied infinitely Litecoin, Peercoin, Dogecoin, etc.
That means that the currency is theoretically infinite. Therefore, no intrinsic value. Digital Scarcity is the essence of Bitcoin and all other crypto currencies. So Bitcoin is not the first implementation of digital scarcity. But, for the first time, cryptocurrencies like Bitcoin make the concept feasible on an Internet scale. Two years ago, with my old and now quite defunct company, we dabbled around scarcity concepts for music and other media.
We used a stock market metaphor with a centralized SQL db at its core to introduce a native digital scarcity into the system. And we realized pretty early: Stupid us looked at Bitcoin, and saw just a strange currency concept. Digital scarcity works, I guess, because understanding and fearing and leveraging … the impact of real world scarcities is a concept hardwired into us humans. In this context, the grand Bitcoin experiment should be a boon for all behavioral economists: Anybody can create a functional wiki-site.
THE Wikipedia is scarce. Likewise, the protocol can be copied, but the network around it cannot. What makes Bitcoin rare is the infrastructure being built specifically around it and for it. Yes, Bitcoin is at its core, and most distinctively, about digitally simulating scarcity — that seems the gist that you have valuably emphasised in previous posts. But people should then be asking: The underlying purpose here is not or should not be to simulate money, it is to make systems for economic interaction.
What is there in allocating supply and demand that means we have to organise it around simulating the movements of a limited set of tokens, i. Why use highly advanced information tech to simulate the very primitive information tech of money for that is what it is?
Material things really are limited, and they need to be represented partly in that aspect digitally. Why confuse a specific need to express limitedness with everything else? That is where Bitcoin is not the future but decidedly of the past — it is an odd anachronism. We ought to be using current information tech to think beyond money as a mechanism of economic allocation and organisation.
To me Bitcoin is a non-duplicative encrypted piece of a computer file. We love it, so we give it vale and there is only so much of it, which increases its value. A dolphin could care less. Readable by anyone, writable only by maths. We trust maths because only maths are beyond suspicion. The only exceptions are Ripples and Timekoin. From the blockchain comes trustless consensus, which itself lead to several agreements: Money is just, as Napoleon I could have said baubles for men.
The Bitcoin currency is the trojan horse of the blockchain like the individuals is the carrier for the gene and Apple is the carrier for Nexstep. You are commenting using your WordPress. You are commenting using your Twitter account. You are commenting using your Facebook account. Notify me of new comments via email. Standard Posted by gendal. Posted on January 25, I am a firm believer in the following rule-of-thumb: It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.
From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.
Perhaps Digital Scarcity is the irreducible essence…. Tip hat towards Rashik Parmar The designed mesh of attributes has estalished a financial resource on which to support a shared trust system. Please update with your refreshed insights and contemplations! But fascinating questions and interesting times indeed.