You're about to discover how Bitcoin is changing the face of money as we know it. Millions of people are now starting to wake up to the potential and power of Bitcoins. As Bitcoin relentlessly marches into the mainstream, this book looks at the journey it has taken from the depths of the dark web to Wall Street Trading.
In this short book we will go through a step-by-step analysis that will allow you to better understand the meaning of Bitcoin and where it is heading.
Bitcoin exists as a digital cryptocurrency designed to resolve the disharmony between the way money moves online and the global nature of the Internet. The Internet as an infrastructure has already partially eliminated key barriers to consumption, including both geography and time. However, the processes by which transactions are paid for online inevitably requires the presence of a trusted third party (MasterCard, Visa, and PayPal). This stems from the fact that traditional currencies do not exist online, only the promise of payment by the buyer to the seller. As a result, the need for a mutually trusted third party emerges, which frequently takes the form of banks which utilize credit/debit cards.
The Bitcoin system removes the need for a trusted third party, as it presents a virtual payment system that is based on proof as oppose to trust. However, Bitcoin, and other crypto-currencies for that matter, as a concept it tells us something very interesting about the nature of money, as it clearly reveals that money exists as a mutually shared illusion.