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Bitcoin for the Befuddled by Chris Wilmer, Conrad Barski

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6

WHY BITCOIN IS A BIG DEAL

There is no question that Bitcoin is a novel technology, and certainly the idea of a universal stateless currency is audacious. However, many doubt that Bitcoin will make a lasting impact on the world’s economies. Indeed, you may be wondering: Is Bitcoin a world-altering technology or merely a technological gimmick? In this chapter, we’ll discuss both sides of this question. Because reviewing the past is often the first step in understanding the future, let’s start by briefly delving into the history of Bitcoin and digital currencies in general.

The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of ...

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