How Bitcoin works – episode 8: security
Episode 8 takes a look at the question of security. Are the records of ownership on the Bitcoin island safe or is there a way of changing them without consent of the owners?
Category: How Bitcoin works
How Bitcoin works – episode 7: transaction fees
Now that we understand transactions and mining, we can go ahead and take a look at transaction fees.
How Bitcoin works – episode 6: land supply and mining rewards
Now that we know a little bit about Bitcoin mining, we can explore the topic of land supply on the Bitcoin island and take a closer look at mining rewards we mentioned in the previous episode.
How Bitcoin works – episode 5: mining
Up until now the story of Bitcoin island was pretty straightforward. “Mining”, however, promises to make things slightly more complicated. This episode takes a look at what mining is all about and why it is important.
How Bitcoin works – episode 4: transactions
Episode 4 takes a look at what “sending” and “receiving” bitcoin is all about.
How Bitcoin works – episode 3: anonymity
In the 3rd episode we will look at anonymity and what kind of information the Bitcoin island actually stores about owners of land.
How Bitcoin works – episode 2: divisibility
In the first episode we have introduced “bitcoin” – a unit of measure of land area on the Bitcoin island.
In the second episode we will take a look at bitcoin divisibility.
How Bitcoin works – episode 1: the Bitcoin island
As mentioned in the introduction, Bitcoin belongs to the category of abstract token money. In its essence it is a system that records ownership of tokens called “bitcoins”. The banking system operates in a very similar way, but in most people’s minds it still records ownership of a physical token – banknotes. A 100 US dollar balance of a bank account equals ownership of a 100 US dollar bank note, the numbers represent something tangible in the real world.
How Bitcoin works – intro
Understanding how Bitcoin works on the technical level can be a little tricky. For most people it usually takes a lot of time and studying as Bitcoin combines a lot of innovative approaches to solve the problems of a free market monetary system. These approaches often don’t have any parallels in technologies we are already familiar with so we have to challenge ourselves with understanding completely new concepts.
