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Allow me to introduce you to someone who has the potential to be very important in the future of Bitcoin. His name is Balaji Srinivasan, and he is the chairman and co-founder of 21 Inc. What is 21 Inc? 21 Inc. is the Bitcoin startup that secured the most venture capital of any Bitcoin company in history, at $116 million. What do they need $116 million in venture capital for? They are investing in “future proprietary products designed to drive mainstream adoption of Bitcoin.” With that in mind, the research of 21 Inc. has highlighted some interesting Bitcoin factoids. One Srinivasan released at the second annual Bitcoin Job Fair held last weekend in Sunnyvale, California regarding how big Bitcoin has become in the computing world. Google is big, but Bitcoin is bigger. How big is it? Honestly, I looked online to find out what a petahash rate and a gigahash rate was, and that is one long rabbit hole, so I’ll leave the technical ramble to techies like Mr. Srinivasan. He makes the comparison to Google based on the fair assumption that they are using 1e7 servers, for 1e7 H/s per Xeon, and ~10 Xeons/server = 1 PH/s. One petahash …

The Real Value of Bitcoin

The Real Value of Bitcoin

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What if there was a technological advancement so powerful that it transforms the basic pillars of our society – a technology that fundamentally changes the way our economy, government and business systems function, and could change our conceptual understanding of trade, ownership and trust? This technology already exists. It is cryptocurrency. People often think of bitcoin as only virtual money or a transaction system, but if you look closer you will see that the monetary aspect is just the tip of the iceberg. That’s because bitcoin is a groundbreaking internet technology for which money is just one of the many possible applications. Money exists to facilitate trade. Through the centuries, trade has become incredibly complex. Everyone trades with everyone worldwide. Trade is recorded in bookkeeping, and this information is often isolated and closed to the public. For this reason, we use third parties and middlemen we trust to facilitate and improve our transactions. Think of governments, banks, accountants, notaries, and the paper money in your wallet. We call these trusted third parties. This brings us to the essence of bitcoin. Bitcoin software enables a network of computers to maintain collective bookkeeping, via the internet. This bookkeeping is neither closed nor in control …