What is Bitcoin? With Rob Hohne from Homestead NOLA

Rob Hohne accepts Bitcoin locally at his store, What is bitcoin?Homestead NOLA. But, what exactly is Bitcoin?


Walt Davis

 

 

 

 

 

[Content protected for Lifetime, Yearly, Monthly members only]

[Content protected for Lifetime, Yearly, Monthly members only]

More info on Bitcoin and Rob:

Homestead NOLA

Truck & Barter Farms

Bitcoin Website

Bitcoin Resources

Jimmy LaBaume on Austrian Economics

About Bitcoin:

From the Bitcoin Whitepaper

A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they’ll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.

Singup below to get a free Mob Grazing eBook

About the author:

. Follow him on Twitter / Facebook.