Tag: internet

Bitcoin Q&A: Hot vs. cold wallets

[AUDIENCE] I really enjoyed the testimony you gave to the Australian Senate. I thought that was excellent.In [the testimony], you mentioned and warned against the dangers of custodial accounts.[ANDREAS] Yes.[AUDIENCE] At that point, I realized all of my cryptocurrency was locked up in custodial accounts.By implication, it wasn’t mine because I didn’t have the private

Bitcoin Q&A: The 21 million supply cap

[AUDIENCE] Where does the supply of bitcoin come from?How are you sure the market doesn’t get oversupplied?[ANDREAS] The supply of Bitcoin is determined algorithmically, based on…a geometrically declining supply function.In the beginning, every ten minutes, fifty new bitcoin [were] created. Every block, the heartbeat……ten minutes, created fifty new bitcoin.This bitcoin is used as a reward

Bitcoin Q&A: How do I secure my bitcoin?

Simple rule: if you control the keys, it’s your bitcoin.If you don’t control the keys, it’s not your bitcoin.Your keys? Your bitcoin. Not your keys? Not your bitcoin.Your keys? Your bitcoin. Not your keys? Not your bitcoin.Here’s the problem: a lot of people have no idea how to even start to decide if they actually

What is Bitcoin? (v2)

What is Bitcoin?Bitcoin is the first decentralized digital currency.Bitcoins are digital coins you can send through the Internet.Compared to other alternatives, bitcoins have a number of advantages.Bitcoins are transferred directly from person to person via the netwithout going through a bank or clearinghouse.This means that the fees are much lower,you can use them in every

Bitcoin Q&A: How much bitcoin do you have?

[AUDIENCE] I am a novice in all of this cryptocurrency stuff.[ANDREAS] Welcome![AUDIENCE] It is interesting to hear what you are saying. Clearly you are a huge believer [in Bitcoin].My question is, what percentage of your wealth is tied up in bitcoin? [Laughter]And what percentage of our wealth should be tied up in bitcoin?[ANDREAS] The answer

The Stories We Tell About Money

All of this started on [October 31st, 2008 with the] publication of a paper, [and on January 3rd, 2009]with the publication of a piece of software by an anonymous contributor who used the name…‘Satoshi Nakamoto.’They proposed a system of electronic cash, but with unique properties that had never been seen before.A system that is decentralized,