What is Bitcoin?

People will ask, “What is Bitcoin?”. The answer depends on who you are. If you are an anarcho-capitalist, maybe you see Bitcoin as a step to overthrowing the government. If you are an economist, you see Bitcoin as a hedge against the cabal of banks who ruthlessly print money, backed by the promises of the […]

What is a Schelling Point?

Sometimes when listening to Bitcoin related podcasts, you will hear this term “Schelling point”. I’ve heard this phrase before, but it seems to be one of those concepts that you understand implicitly, without being able to explain explicitly. A Schelling point refers to a focal point, that people will use to coordinate, without communicating explicitly. […]

Grokking Bitcoin Review: Chapter 3

Introduction Chapter 2 of Grokking Bitcoin lulls you to sleep, compared to chapter 3 of Grokking Bitcoin. I felt like this chapter jumped in difficulty significantly compared to the previous chapters. The table of contents for this chapter include: Cookie-eating habits disclosed Replacing names with public keys Shortening the public key Avoiding expensive typing errors […]

Grokking Bitcoin Review: Chapter 2

Introduction Chapter 2 of Grokking Bitcoin gets into cryptography, and is titled, “Cryptographic hash functions and digital signatures”. Its table of contents for this chapter covers: The cookie token spreadsheet (concrete example of how Bitcoin works) Cryptographic hashes Exercises Digital Signatures More Exercises This chapter goes more in-depth about Bitcoin and starts to get nitty-gritty. […]