21 Lessons: What I've Learned From Falling Down the Bitcoin Rabbit Hole by Gigi

Author:Gigi [Gigi]
Language: eng
Format: epub
ISBN: 9781697526349
Google: Y8D2zAEACAAJ
Publisher: Amazon Digital Services LLC - Kdp Print Us
Published: 2019-12-18T21:34:28+00:00

Bitcoin taught me that sound money is essential.

Part III

Technology

Technology

“Now, I’ll manage better this time” she said to herself, and began by taking the little golden key, and unlocking the door that led into the garden

– Lewis Carroll, Alice in Wonderland

Golden keys, clocks which only work by chance, races to solve strange riddles, and builders that don’t have faces or names. What sounds like fairy tales from Wonderland is daily business in the world of Bitcoin.

As we explored in Chapter II, large parts of the current financial system are systematically broken. Like Alice, we can only hope to manage better this time. But, thanks to a pseudonymous inventor, we have incredibly sophisticated technology to support us this time around: Bitcoin.

Solving problems in a radically decentralized and adversarial environment requires unique solutions. What would otherwise be trivial problems to solve are everything but in this strange world of nodes. Bitcoin relies on strong cryptography for most solutions, at least if looked at through the lens of technology. Just how strong this cryptography is will be explored in one of the following lessons.

Cryptography is what Bitcoin uses to remove trust in authorities. Instead of relying on centralized institutions, the system relies on the final authority of our universe: physics. Some grains of trust still remain, however. We will examine these grains in the second lesson of this chapter.

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