Bitcoins : Part 2

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In the previous blog post we were looking at the problems with physical forms of money. So now according to our agenda lets talk about the solutions to those problems...

Solutions...

  • Plastic money like credit cards to make money portable.
    • But the above solution still go as the physical form of money.
  • Solution # 2 is that we make something that is digital. Where there is no need to have any middle man while doing transaction of money. no need for any central authority for check and balance. The system should be distributed as well as decentralized. (What this system is? Is it about bitcoins? Or Something else? )
    • But again many problems are associated with this system...
I am pausing this session here, now if you are really concerned about crypto-currency then what you need to do is: Go here (bitcoin.org/bitcoin.pdf), read this paper and write in the comment section what you found from this paper. Also think about some of the problems associated with Solution # 2.

(To be continued.....)

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