Bitcoin is not money

It’s sometimes hard to frame conversations around cryptocurrencies like Bitcoin and Ether. That’s largely down to the fact that no one can truly express what these things are, and what they mean to humans and our society. These are entirely new organisms that lack precedence. But finding the right definitions are going to be important because it will ultimately decide if and/or how governments will regulate these things. Is Bitcoin money? Is Bitcoin a network or a protocol? Is Bitcoin a community? It’s none of the above and all of them at the same time. Continue reading “Bitcoin is not money”

What’s a blockchain? Can they improve our world?

Most systems that we know in life are centralised. For example, systems like governments, banks and public transport are centralised. This means that all people in the system only need to trust the one central authority that run the system for you. The only drawback is that you really need to trust that central authority to take decisions for you (government), handle your money (banks) or transport you from point A to B (public transport). Trust is what run these systems. And companies create a false perception of trust by charging lots money along with marketing like “we are better and more secure”.

Nevertheless, this centralised system is simple because many people believe that trust cost money, and therefore are happy to pay for it. It’s also convenient because you only need to trust that one authority. But it’s been proven time upon time that we can not, and should not, trust these centralised systems. Continue reading “What’s a blockchain? Can they improve our world?”