Bitcoin in 5 minutes

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Blockstream’s Eric Martindale non-stop his five-minute All Things Open lightning speak with a confidant claim: “Bitcoin is one on a many poignant innovations of a time.”

Why? Because it depends on trust. Under Bitcoin’s client-server model, users trust remote servers to yield approaching data.

What is Bitcoin, exactly?

Bitcoin exists as an immutable, distributed database that proofs can be accurate against. Its value as a banking is a thoughtfulness of users’ trust in a relations confidence of that database.

Trustworthy by design

Bitcoin was invented in 2008 in a arise of a financial crisis, wherein, as Martindale points out, “trusted systems unsuccessful us.” By design, Bitcoin bolsters trust by shortening or expelling executive points of failure.

How does Bitcoin stay secure?

Work finished to assistance secure a Bitcoin database (known as mining) is rewarded with Bitcoin currency, that usually has value when a network is secure. If database confidence diminishes, so too does a value of a currency.

Conclusion

To close, Martindale describes Bitcoin as a “trust anchor” that provides a many reasonable grade of certainty for systems requiring common perspectives.


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