A Beginner’s Guide to Bitcoin (Part 8): Mining

Previous Article   -   Next Article   -   Table of Contents Recap At the start of this article I said that none of the ideas in Bitcoin were that difficult.  However, there are a lot of things going on here already, and we haven't even described mining.  So I've written a brief recap of the what we've … Continue reading A Beginner’s Guide to Bitcoin (Part 8): Mining

Advertisements

A Beginner’s Guide to Bitcoin (Part 7): Being Consistent

Previous Article   -   Next Article   -   Table of Contents The Problem The next big problem with our distributed ledger is more subtle, and much harder to solve.  Indeed as we shall see it's a problem that leads to the crazy genius at the heart of Bitcoin. However, it's in no way a new problem.  I … Continue reading A Beginner’s Guide to Bitcoin (Part 7): Being Consistent

A Beginner’s Guide to Bitcoin (Part 6): Paying for Bitcoin’s Computers

Previous Article   -   Next Article   -   Table of Contents Printing Money: the Block Reward Another problem for Bitcoin is that someone has to pay for all the computers running this ledger.  With conventional money the government pays to create coins and banknotes from general taxation, and banks pay for systems that deal with checking accounts … Continue reading A Beginner’s Guide to Bitcoin (Part 6): Paying for Bitcoin’s Computers

A Beginner’s Guide to Bitcoin (Part 5): Technical Description – The Big Book

Previous Article   -   Next Article   -   Table of Contents Introduction This article and a few that follow attempt a description of the technical aspects of Bitcoin in fairly simple terms.  This includes a long section describing and justifying mining. We start with the big book. One Big Book A Big Paper Book Suppose that we … Continue reading A Beginner’s Guide to Bitcoin (Part 5): Technical Description – The Big Book

A Beginner’s Guide to Bitcoin (Part 4): Problems with Bitcoin

Previous Article   -   Next Article   -   Table of Contents Even from the very brief description so far in this series of articles you can see that Bitcoin is a kind of cool and weird form of money.  However it has some very serious problems. Technical Problems Bitcoin is slow.  In fact it’s deliberately slow and … Continue reading A Beginner’s Guide to Bitcoin (Part 4): Problems with Bitcoin

A Beginner’s Guide to Bitcoin (Part 3): Why the Excitement?

Previous Article   -   Next Article   -   Table of Contents Bitcoin is a New Form of Money If you're reading this I expect you're aware of all the excitement surrounding Bitcoin.  Of course it's a new form of money, and that's quite interesting.  However I could issue my own money in paper form, and I suspect … Continue reading A Beginner’s Guide to Bitcoin (Part 3): Why the Excitement?

A Beginner’s Guide to Bitcoin (Part 2): Bitcoin vs Money

Previous Article   -   Next Article   -   Table of Contents Bitcoin Overview Basics As I've already said I'm not assuming you know anything about Bitcoin.  To get started, below is a high level overview of the basics of Bitcoin and how payments in our new money are processed.  You may well know some of this already. … Continue reading A Beginner’s Guide to Bitcoin (Part 2): Bitcoin vs Money