What is Bitcoin?

 

What is bitcoin?

Bitcoin is a social experiment based on blockchain technology started by Satoshi Nakamoto and others in 2009, and it has been running successfully for more than ten days. Bitcoin has been significant since it’s born.

 

Building trust by using mathematical logic reasoning

Bitcoin uses asymmetric encryption technology to determine assets ownership and PoW {Proof of Work} to solve the final consistency problem. The use of chain data structure ensures the non-tampering features of data and the use of P2P networks to ensure the openness and transparency of data. This system builds a trust system that does not require endorsement from any institution or organization based on mathematics and logic.

Bitcoin has been running successfully for more than ten years. Instead of being compromised by any form of hackers, it has attracted more and more people to participate, which shows the reliability of the mathematical logic behind it.

 

Prove the viability of free banking

As mentioned earlier, there are drawbacks in how the central banks issue the currency. Therefore, we place our hopes on free banks, looking forward that each banks freely issuing its currency. Hayek believes that currency doesn’t have to be issued by the state, and free banks can provide better currency. Nevertheless, Economists of old age are always worried that non-state issued currency might have various problems.

Bitcoin, as a social experiment, proves that free banking is viable. Bitcoin can provide a feasible path for future currency reforms. It reasonably uses mathematical logic to endorse currency and ensure that the issuance and circulation of currency are open, transparent, and immutable.

 

 

Inspiring the emerge of programmingism

Programmingism refers to the determination of rules in the form of code to ensure the no one can violate the regulation sociological thinking. Inspired by Bitcoin, many inheritors believe that not only the “rule” of transactions can be confirmed mathematically, but all “operable and unambiguous rules” can also be confirmed mathematically.

Many projects that support smart contracts, represented by Ethereum, have emerged one after another. Although it seems that there are monopoly and performance problems, they provide an effective platform for practicing programmingism.

#crd to Satoshi