The following is an excerpt from The Bitcoin Primer: Risks, Opportunities, And Possibilities, my new book on global digital currency Bitcoin.
I’m an early adopter of the technology, having become interested back in October 2012 when I had major Bitcoin angel investor Roger Ver on my podcast.
What is Bitcoin? What’s so novel about it?
Bitcoin is a peer to peer decentralized digital currency. It makes use of advanced elliptic curve mathematics and cryptography, as well as a globally replicated public ledger called the Blockchain.
There are several things Bitcoin accomplishes that was previously not possible with e-currency.
OK. What are those things?
Bitcoin makes it impossible (or near impossible) for double-spend transactions to occur — in other words, when money leaves your possession, it is no longer yours. This was a huge challenge with digital currency because when you send a friend a music file, for example, how do you make it so that the file no longer exists on your computer?… Read the rest