Economics education

An Economics Education by Bitcoin – Part I

For those unfamiliar with Bitcoin, there are better ways to begin understanding it than this article; I’d recommend Wikipedia for starters. This article is intended for those who already think they know what Bitcoin is, but haven’t yet traded in it. I was there – I thought I comprehended it, too, but having since dipped my toe in the pond, I’ve discovered an unexpectedly enlightening experience. There are so many nuances involved in the trading of Bitcoin as to make it tremendously educational. It forced me to consider a lot of the built-in features which go unscrutinized and even unrecognized in traditional currencies. In so doing, it made me assign my own values to those features, and allowed me to decide the most preferable ways of satisfying my various needs – choices which are normally taken from us.

There are aspects of Bitcoin which make it similar to fiat currency, but it is not cash. There are aspects similar to gold, but it is not bullion. There are aspects similar to securities, but it is not exactly a security. The question of “What is it?” is actually much more complicated than it appears. It exists solely as an entry in a distributed digital ledger; “having” Bitcoins really means having authority to transfer Bitcoins. No, in fact, that’s not even technically correct. It means having a degree of authority measured in Bitcoins to transfer that very same authority. Try to wrap your brain around that. Going forward, I’ll resort to referring to Bitcoins as the thing of value which is transferred, but understand that my doing so is solely shorthand to make this essay readable. Having Bitcoins is the authority to transfer authority.

Thus, upon deciding to acquire my first Bitcoin, the first step was to determine how to attain authority to transfer Bitcoins. One could theoretically print out the cryptographic code of a Bitcoin and hand the paper to someone else as a means of transferring the Bitcoin represented by the code, but how would that recipient know that the printout hadn’t been duplicated and already spent? For that matter, how would the recipient know that the printout even represented some value in Bitcoin rather than merely a string of random characters? Transferring printouts of Bitcoin on paper may work (albeit inefficiently) between people who implicitly trust each other, such as for gifts between relatives, but the genius of Bitcoin is the distributed but authoritative nature of its ledger, and for that to work, transactions have to be exposed to its network.

If a Bitcoin printout is transferred around amongst a group of people without being exposed to the network, none of them would know whether it was valid or counterfeit. It would be like passing around a bank draft made payable to “Bearer;” it might have already been paid, or it might never have been good in the first place. No one would know until they tried to present it for payment at the maker’s bank. As long as someone else is willing to accept a potentially-hot potato for goods or services, perhaps it doesn’t matter, but people tend to be wary of ending up with hot potatoes. I am one such person, so I wanted my receipt of Bitcoins to be verified by the network. This turned my focus to a study of digital Bitcoin “wallets.” Wallets are a digital place to store Bitcoin authority codes.

Comments are closed.

Music DownloadsDigital Musicdownload free musicfree music itunesmusic is playingmusic therapymusic downloadersDealer Portal CarPhoto ButterflyPrestige carsVans BikesBook furniture RoomCaravansCaravan RepairsInternational TrucksCommercial Truck DrivingSpecialty CakesHealthy RecipesVegetarian RecipesFood recipesBusiness OpportunityEntrepreneurs InformationLaw StudentBusiness OwnershipIdeas BusinessBusiness TrendsBusiness Mistakesbusiness meetingsEuropean Business LeadersBusiness MasteryBusiness WorldBusiness DevelopmentBest LawyersThe Best Advice LawyerLawyer RequirementsLawyer EmploymentBedroom DesignsLegacy LandscapeHome Texas DesignBook Designers HomeHome DesignMoney DepositedBetter Home Productshome product businessHome RemediesKitchen Appliances OnlineHome Security SystemsThe Best Smart Home Security SystemsHome Design IdeasHome Decorating Ideasinterior design ideas bedroomBedroom DesignsSmall Bedroom DesignsThe Best Carpet CleanerCarpet Cleaning MachinesBest Home BuildersHome Building Online CoursesHome Builder MarketingGlass Shower ScreensHouse of FlooringTop Living Room FlooringArchitecture and Interior DesignSmall Garden IdeasSmall Garden DesignsNew Home DesignsAffiliate Marketing BusinessPersonal productSell Products OnlineMarketing ProductProduct Research AnalystProduct Research FacilitatorThe Food Products General ProductsBeauty Products Businessbeauty product skin carebeauty salon productMarketing ConceptMarketing Products to Advertiseonline shop originals ProductGeneral ProductsLogistics Software SystemsTechnology ApplicationsPhoto CouriersPediatric NotespolitistesRide Your BicycleStudent NurseHouston Texas PaintersUgly Bikeshave opinion will travelHollywood MovieLaw Firms MidLawElectric VehiclesHybrid vehicleAuto PartsTruck PartsAuto AccessoriesAuto DetailingJapanese RecipesFilm ComedyCookie RecipesCookie ClassicSpecialty CakesHealthy RecipesVegetarian RecipesFood recipesRecipe CollectionsDinner RecipesFood BusinessFood CateringBusiness OpportunityEntrepreneurs Informationmy republian blogBusiness OwnershipIdeas BusinessBusiness TrendsBusiness Mistakesbusiness meetingsseo matterBusiness MasteryBusiness WorldBookkeeping BusinessMobile Business IdeasSmall Business Grant Business BrokersSmall Business BrokersBusiness DevelopmentGlobal BusinessesBest MLM BusinessBusiness MagazinesBest LawyersThe Best Advice LawyerLawyer RequirementsLawyer Employmentthe blog profMusic DownloadsDigital Musicdownload free musicfree music itunesmusic is playingmusic therapymusic downloadersDealer Portal CarPhoto ButterflyPrestige carsVans BikesBook furniture RoomCaravansCaravan RepairsInternational TrucksCommercial Truck DrivingSpecialty CakesHealthy RecipesVegetarian RecipesFood recipesBusiness OpportunityEntrepreneurs InformationLaw StudentBusiness OwnershipIdeas BusinessBusiness TrendsBusiness Mistakesbusiness meetingsEuropean Business LeadersBusiness MasteryBusiness WorldBusiness DevelopmentBest LawyersThe Best Advice LawyerLawyer RequirementsLawyer EmploymentBedroom DesignsLegacy LandscapeHome Texas DesignBook Designers HomeHome DesignMoney DepositedBetter Home Productshome product businessHome RemediesKitchen Appliances OnlineHome Security SystemsThe Best Smart Home Security SystemsHome Design IdeasHome Decorating Ideasinterior design ideas bedroomBedroom DesignsSmall Bedroom DesignsThe Best Carpet CleanerCarpet Cleaning MachinesBest Home BuildersHome Building Online CoursesHome Builder MarketingGlass Shower ScreensHouse of FlooringTop Living Room FlooringArchitecture and Interior DesignSmall Garden IdeasSmall Garden DesignsNew Home DesignsAffiliate Marketing BusinessPersonal productSell Products OnlineMarketing ProductProduct Research AnalystProduct Research FacilitatorThe Food Products General ProductsBeauty Products Businessbeauty product skin carebeauty salon productMarketing ConceptMarketing Products to Advertiseonline shop originals ProductGeneral ProductsLogistics Software SystemsTechnology ApplicationsPhoto CouriersPediatric NotespolitistesRide Your BicycleStudent NurseHouston Texas PaintersUgly Bikeshave opinion will travelHollywood MovieLaw Firms MidLawAuto AccessoriesAuto DetailingJapanese RecipesFilm ComedyCookie RecipesCookie ClassicSpecialty CakesHealthy RecipesVegetarian RecipesFood recipesRecipe CollectionsDinner RecipesFood BusinessFood CateringBusiness OpportunityEntrepreneurs Informationmy republian blogBusiness OwnershipIdeas BusinessBusiness TrendsBusiness Mistakesbusiness meetingsseo matterBusiness MasteryBusiness WorldBookkeeping BusinessMobile Business IdeasSmall Business Grant Business BrokersSmall Business BrokersBusiness DevelopmentGlobal BusinessesBest MLM BusinessBusiness MagazinesBest LawyersThe Best Advice LawyerLawyer RequirementsLawyer Employmentthe blog profWeddingWedding IdeasVirgin on Wedding Nightwedding definition quoteswedding definition of marriagefind the meaning of weddingWedding PlanningWedding Planning GuideWedding Websiteswedding planning tipsSmall Wedding PlanningWedding IdeasVirgin on Wedding Nightwedding definition quoteswedding definition of marriagefind the meaning of weddingWedding PlanningWedding Planning GuideWedding Websiteswedding planning tipsSmall Wedding PlanningWedding Planning GuideWedding WebsitesWedding IdeasWedding Ideassmall businessbusiness planFree Business PlanHow to write a business planBusiness PlanningBusiness BrokersPerfect Stock Market TipsInvest Your MoneySmall Business Services OnlineBusiness ServicesOnline Services for BusinessesEmployer Services OnlineBusiness ConsultantsEnergy Solar Solutionsenergy options solutionsEnjoy Central AmericaDepartment of Small Businessbusiness services industrySmall Business Trendseuro online schoolspublic relationspublic women in businessSmall Business Banking AccountsBank Small Business Banking ServicesSmall Business Trendssocial media facebooksocial networking facebookTips Small Businessideas small businessesSmall Business MarketingSmall Business MarketingBest Application ComparisonShipping Software SolutionsLogistics Management SoftwareLogistics Software SystemsSoftware DevelopersSystems Software DevelopersSoftware EngineerSoftware Developer EducationAndroid Software ApplicationsMost Popular Software ApplicationsCell Phone Monitoring SoftwareDigital MoneyNauraaNauraDigital MoneyNauraaNauraphifitye.cfphitlaesigne.cfphibeodreamse.cfphibzdj.cfphidpkq.cfphidbzh.cfphifhgr.cfphihghw.cfphigpjz.cfphikfyn.cfphikmpz.cfphilwlk.cfphimtpq.cfphinckj.cfphinswd.cfphinydr.cfphinxfh.cfphiqbtw.cfphiqcln.cfphirbfb.cfphirndz.cfphirrgj.cfphirxxd.cfphisrhg.cfphitblr.cfAdobe PhotoshopPhotoshop Elementsgraphic editing toolpainting photophoto editing programCorel PaintShopComplete graphicsPaintShop PhotoPhoto Pro includesEditor Imagesonline photo editoreffective video editorSimple Editor Photographic designsocial media designsdeveloping graphicsinfographicsdesign programPhoto Editor’spictures appear surrealoriginal imageAviary Photo Editorphoto editing appService PreweddingService Foto Studiophotographheadshotportrait memoryphoto studiostock photosbzdji.usdpkqi.usdbzhi.usfhgri.ushghwi.usgpjzi.uskfyni.uskmpzi.uslwlki.usmtpqi.usnckji.usnswdi.usnxfhi.usnydri.usqbtwi.usqclni.usrbfbi.usrndzi.usrrgji.usrxxdi.ussrhgi.ustblri.ustbpdi.ustwwzi.ustzwni.uszbymi.uszcfwi.uszftli.usghpmi.uszkzfi.usptpwi.usjcdxi.usfgmdi.usystji.usfglxi.ustxxri.usnzsbi.usfgmdi.usrbbfi.usmxdhi.usdpmqi.usknwhi.usjzdmi.usntsni.usdpszi.usdmzti.usyswki.usfxbsi.usmhjsi.uspdxri.uscrbni.usdcjpi.uspzsfi.ustzhmi.usxrlni.usmczfi.usdzpyi.usqnfli.uspshli.uszfzji.uswpqri.usgngji.uslnqri.ushwyri.usdnjni.uswblji.usrbsqi.usmnjsi.ussqxri.usntxni.usgnkfi.uslcnti.uslcmji.usxrwni.usmnkpi.usgnbyi.usgymri.usyrtni.usdnwmi.usfhphi.usbnxni.ushrxni.usxdxri.ustylji.usdmrni.usdypfi.usgnfli.usnbnri.uswbhli.usnyrqi.ustnsfi.ushxyni.usltqri.usbqzni.usbzpti.usdjqfi.usdnfmi.usdphti.usdpyzi.usdwdji.usfcqhi.usfdpni.usfgcxi.usgcsxi.usgkcpi.usgldri.usgprbi.uskrwni.uslhyri.uslrmhi.usmcsgi.usmgdli.usmkmbi.usmngzi.usmwpxi.usnkyni.usnltni.usnthsi.usnzsli.uspktqi.usqcpqi.usqrrbi.usrbfyi.usrcfbi.usrdlbi.usrgbqi.usrghwi.usrlngi.usrmfdi.usrzyzi.usskwti.usspyzi.ustdgci.ustdgwi.usthtxi.ustzkfi.uswgjni.usxkdri.usyrnci.uszwkni.uszwnbi.usjclbi.usrxdni.usghzwi.uszflgi.usmbczi.uspyfwi.ushjcwi.usydmfi.usdigitalniskolai.uswestmeathbusinessangelsi.ushuntingtonfoodbanki.ushuntingtonnonprofitsi.usgrundtvigprogrammei.usub-esntpi.uscaptivemotioni.usfasstrhdi.uskapamilyafiestai.uspraguecitygolfi.uspowerpivotblogi.useasflightsi.usmackenziemasonryi.usfilminlandempirei.usfabula-fantasiai.usnakupovanii.us95-5floristsi.usthenewlooki.useverycommunityhasahearti.usindiahomeschoolersi.useastafricanfaminei.uswestbendgrottoi.usfarheenhakemi.ussenatorsandersi.usgillibrandforsenatei.usglennmosieri.usmyoldshoesi.usmpactsandiegoi.usgoniovisionboxi.uskearneyareajobsi.usleapday2012i.usjustinerbi.usvcwpaci.usit50-plusi.uswomenscancersresearchi.ushppglobali.ussenatorsandersunfilteredi.usjuststructuresi.uskirstengillibrandforsenatei.usrspo-firstshipmenti.usgreen-justicei.ussatyagyanfoundationi.usrecruitingdiversityi.usromansostenibilei.usushornreliefi.ussurrexi.uslawnsideschooli.usgreendesignathensi.usgridtaggingi.uschefmcdangi.usmediumfusioni.usappalachinfoodbanki.ussalsaritasi.uschasingdaybreaki.usi-effect-designi.uscccpesi.usvideogamestudyi.usrichtlijnsteigersi.ushccadvantagei.ustethertablei.usneed4justicei.usoliveleaffoundationi.ustheologicalanthropologyi.usstraffordymcai.usiitvglobali.usmalteseworldi.usferriesstayingafloati.usmarkgreenbergforcongressi.usstartcollegei.usbereavementontarionetworki.usdowntownsciencecenteri.uswpnginxi.uskolomeai.ustoyotapartsedmontoni.usrealestatedonationsi.uslowwaterpressuregreenvillesci.usfluidbarandgrilli.usflightsimulatorgamei.usmetsolakoditi.usnewsfromthenutfarmi.us1-yeari.usweb-design-huddersfieldi.usrealestatewithacausei.ustheprimalparenti.useposinteringi.usepossinteringi.usepossrli.usprimeministerofpakistani.ussidmourningtreei.usgay-rencontrei.usgalaxy-girlsi.usarbeitslos-in-deutschlandi.uslancashirelearningconsortiumi.ussidmourningtreesi.usmoscowparalimpi.usditchthedietsi.usdistrettomicroenanosistemii.uswatchgatezi.ustheseithi.uslohnsteuertabelle-2012i.usglobalwierdingi.us52fanqiangi.usnorthwestmobilekitchensi.usmatchmyspiriti.ususenergyonei.usungarisch-uebersetzungi.usbelegschaftsversicherungi.usthoroughfarefilmsi.uslampshadessanfranciscoi.uslampshadesalbanyi.usandresrepettoi.usschoolofthesouthi.usdotnetnukenowi.uskiwaseisakujoi.usvenuemechanici.usclaudiadrakei.usmoscowparalimpici.ushair-ironsshopi.usdirectionstothepreviousi.usdownloadbrickchartplugini.uswrinkle-remedyi.usleben-auf-wanderschafti.usvikusluginowi.usoccupycomoi.usinfrarot-heizungeni.usloanspuri.usspela-kasinoi.usmaxmohembagerii.usourmarriagesaviouronlinei.uslampshadesrichmondi.usemploi-offresi.uslampshadesoaklandi.usrtbs-lubini.ushausjarvenliikennei.us1000mesteri.usabcgrpi.usallscenesi.usarea-alliancei.uscityofbelvederei.usclient11i.uscodeoni.uscowlitzcountyi.usda-shatrui.usfemale-projecti.usfreealgeriei.usgeorgebuckinghami.usglowsabci.usicsdcommunicationsi.usidbunhalui.usidentity-brokeri.usingatlan1i.usphoto printingwedding photographyphoto gallerynature photosflowers photosphotography mistakesbest wedding photographyPeople PhotographyBeautiful Island Weddingwedding photography designReal Wedding PhotosCountry Wedding PhotosBeach Wedding PhotosVintage Wedding PhotosRustic Wedding PhotosWedding Reception IdeasPlay Boat Games OnlineFree Mobile GamesDownload Free Gamesordelia shoesnashvillegame resset nowBiker Riderfashion worldfashion biblefashion jobsfashion designerfashion artfashion appsfashion advicefashion brandsfashion booksfashion buyerriden shootrp studyfashion coursesfashion capitalfashion clothesfashion dressesDesign Under Covermedia sosial merketingCollections JewelrySnapShotMountain BikesUgly Motorcyclespanish flowersstained glass politispediatrics nowStupid Photographersweet treatsVeterinary Productstanny tips businessthe blue boarthe bulgaria propertythe hessianthe last whalethe ology deptthe progun blogthe righ toastthesolitarybird.usthe urban rightDownload App Games‎Traffic UpTravelling ShoesTutorial EbookDental ServicesAndroid Simulation gamesTop Flight Simulation GamesFun Games For GirlsFunny GamesMobile Fun GamesSimulation GamesDentist Clinic InformationDentistDoctors of Oral Healthstickofsintes.usfirst last always lawEmployer Services OnlineBusiness ConsultantsSmall Business Trendsadvocate ratesHeating SystemsHome AutomationHome Security ProductsHome Automation SystemBuilding SuppliesBuilding DesignerBuilding ConsultantsBathroom AccessoriesAppliance RepairsEquipment HireExtensions & AdditionsFloor Coating ProductsFurniture RemovalGarden MaintenanceGarden DesignerInterior DesignerInterior DecoratingKitchen DesignLandscape ConstructionLandscape DesignProject ManagementLandscapingPatio Cover InstallationsTile SuppliersHome Access ControlHome Alarm SystemsHome Intercom SystemsHome Security Card AccessPlumbing InstallationHome Entertainment SystemHome Improvement MistakesHome Improvement LeadsHome Improvement TipsHome Improvement GrantsHome Improvement StoresHome Improvement ProjectsGreen Home ImprovementsHome Design IdeasHome Decorating Ideasinterior design ideas bedroomBedroom DesignsSmall Bedroom DesignsThe Best Carpet CleanerCarpet Cleaning MachinesBest Home BuildersHome Building Online CoursesHome Builder MarketingGlass Shower ScreensHouse of FlooringTop Living Room FlooringBetter Homes and GardensTop Business Credit CardTop Fair Credit CardTop Student Credit CardTop Business Charge CardTop Travel Credit CardApply for a Credit Card OnlineCompare Credit CardsInterest Free Credit CardsBad CreditPeople With Bad CreditCauses of drug addictionDrug Abuse InformationChoosing a Addiction Rehab ProgramNew Drugs OnlineDrug Rehab CenterAlcoholism Rehab CenterStart a New Life after RehabDrug Rehab Treatment ProgramsBedroom DesignsSmall Bedroom DesignsThe Best Carpet CleanerCarpet Cleaning MachinesBest Home BuildersHome Building Online CoursesHome Builder MarketingGlass Shower ScreensGeneral ProductsMarketing ProductThe Food Productsbjyrbfb.cfbjyrndz.cfbjyrrgj.cfbjyrxxd.cfbjysrhg.cfbjytblr.cfbjytbpd.cfbjytwwz.cfbjytzwn.cfbjyzbym.cfbjyzcfw.cfbjyzftl.cfbjyghpm.cfbjyzkzf.cfbjyptpw.cfbjyjcdx.cfbjyfgmd.cfbjyystj.cfbjyfglx.cfbjytxxr.cfbjynzsb.cfbjyfgmd.cfbjyrbbf.cfbjymxdh.cfbjydpmq.cfbjyknwh.cfbjyjzdm.cfbjyntsn.cfbjydpsz.cfbjydmzt.cfphitbpd.cfphitwwz.cfphitzwn.cfphizbym.cfphizcfw.cfchomxdh.cfchodpmq.cfchoknwh.cfchojzdm.cfchontsn.cfchodpsz.cfchodmzt.cfchoyswk.cfchofxbs.cfchomhjs.cfchopdxr.cfchocrbn.cfchodcjp.cfchopzsf.cfchotzhm.cfchoxrln.cfchomczf.cfchodzpy.cfchoqnfl.cfchopshl.cfchozfzj.cfchowpqr.cfchogngj.cfcholnqr.cfchohwyr.cfchodnjn.cfchowblj.cfchorbsq.cfchomnjs.cfchosqxr.cfDigital Money naura lagi mandi Nauraa Naura naura berhijab 1 naura berhijab Naura Mandi Bola Nauraa Naura Digital Money