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Posts Tagged ‘Bitcoin’

 bitcoin-logo-plain

I was avoiding the topic of bitcoins fearing it would take too long to wrap my head around it. But it’s time I bit the bullet.

Like everyone else, I want to be able to answer questions like: ‘Are crypto currencies a good thing?  What are the risks and are these being adequately addressed?’ How do crypto currencies other than Bitcoin fit in to the picture?’.

But before you can form an opinion on these matters, you need to know what Bitcoin is and how digital currencies work. The problem for people who are new to the conversation is that the discussion is filled with vocabulary and concepts that are unfamiliar to many of us such as:

  • blockchain

  • cryptocurrencies

  • encryption keys

  • mining

  • proof-of-work

  • hashcash (more…)

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