Bitcoin has a Flaw
Introduction — Post #1
There are many strengths, but the biggest flaw I have discovered is how difficult it is to explain. I’m sure some people have a succinct elevator pitch or a well written tweet on the topic, but I have found that to properly explain Bitcoin requires the larger part of a day.
This is because explaining the fundamentals of Bitcoin involves having a common understanding of the politics, economics, and computer science surrounding the concept. Of the articles that I have seen, most explain Bitcoin by ambushing the reader with technical jargon and definitions from the first paragraph.
I am going to write one post, almost daily, which will help people understand money, bitcoin, and other digital currencies. I will begin by explaining the origins of money and how the concept has changed over time, how our current monetary system is setup, and why bitcoin was created. After that I will explain Bitcoin, as simply as I possibly can. My goal, by the end of this series, is to enable anyone to explain Bitcoin to their 8 year old cousin.
Eventually I will explain the other uses of the technology behind Bitcoin and the implications of using this technology in modern society.
So stay tuned, grab a notebook and get ready. It starts tomorrow.