Banking on Bitcoin(2016)
We watch this movie at today’s class and it’s quite interesting cause this was the first time for me to get to know so much details about bitcoin’s history. There is a point I would like to share,”Money is just an accounting system and bitcoin is just a way of recording transactions ,value and does it digitally.” The transactions is peer to peer which means it doesn't need any central sever, puts control back in everyone.
Bitcoin’s open ledger-blockchain
The users can send it to each other directly without worry about missing money or getting a counterfeit bitcoin during the transaction because of everything was recorded in the open ledger and every bitcoin is accounted for. The way they allow lots transactions doing at a time is utilizing a ledger called blockchain, in other words, many computers are participate of the management of the payments(data) and the bitcoin ledger exists on thousands of computers which cannot be haked. Once it recorded in the blockchain, it’s permanent and it’s only for read , can’t be changed. All wallet and the person all encrypt so we won’t know who’s spending the money.(annoymous)That’s why bitcoin also called cryptocurrency.
Miners
Miners are compelled by an incentive system and their first job is to maintaining the ledger of the blockchain to verify, update the information. The reason why lots people trying to be the miners of bitcoin is because they’re really being rewarded with bitcoin during the process(strive for the one to gets the payment every ten minutes).
Although I watch the movie several times, there’s still something I don’t understand clearly. For instance, the cypherpunk movement and some points in Satoshi’s thesis is a quit hard to find out and how come will cryptocurrency develop in the future. I guess human in the future will all use cryptocurrency to merchandise in daily life and no more central banks and no more physical currency. Fintech is on the way and Internet will control the world in five years.
