Episode 4: The bar without money

Using tokens for value exchange

Our friends want to run The Blockchain Bar together as equal peers. Now they have to decide how to handle the money.

Sure: Money is great. But it also has real disadvantages. For example, it is complicated to handle — or who likes coins?! Our friends do not want all this hassle.

Oscar shouts: “I’ll handle the money!” — Remember: Oscar is the guy who wanted to drink for free — can they really trust him?

Bob says: “I don’t want him to become the new gatekeeper!”

Alice: “Let’s create our own bar tokens for paying drinks. And we’ll take turns in selling the tokens to new guests at the door.” (In fact, this isn’t really new: Many festivals use drink vouchers to simplify cash management.)

Blockchains adapted this idea and use their own tokens, represented by encrypted transactions. Why? Because tokens can be easily transferred, can be programmed and don’t depend on outside factors, such as banks and currency fluctuations.

But how will they manage the tokens? Find out in the following episodes …

Or maybe you first want to read more about tokens on TheBlockchainBar.com.

Nacatmoto’s Lesson #4: Token (also: Coin)

The story of Blockruption’s Blockchain Bar began in June 2018, when Martin Breitsprecher and Collin Müller sat in a restaurant in the port of Hamburg. For a long time, they had been trying several approaches of explaining the blockchain to non-nerds. While joking around, they discovered that almost any blockchain concept can be explained with a hypothetical bar that is run by the guests themselves in a beer-to-beer … uh … peer-to-peer fashion.

The Blockchain Bar

In our 'Bar', you can learn about all important concepts of blockchain technology. The guests run it themselves as a 'beer-to-beer' collective without a barkeeper. Each episode explains one concept in simple terms for beginners.

Martin Breitsprecher

Written by

Digital entrepreneur, strategy consultant, blockchain expert

The Blockchain Bar

In our 'Bar', you can learn about all important concepts of blockchain technology. The guests run it themselves as a 'beer-to-beer' collective without a barkeeper. Each episode explains one concept in simple terms for beginners.

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