The Economist explains: How does Bitcoin work?

How bitcoin works. From the archive:

  • There is no way for a central bank to issue a flood of new Bitcoins and devalue those already in circulation.
  • Bitcoins are mathematically generated as the computers in this network execute difficult number-crunching tasks , a procedure known as Bitcoin “mining”.
  • Unlike traditional currencies, which are issued by central banks, Bitcoin has no central monetary authority.
  • But most people will be reluctant to adopt Bitcoin while the software required to use it remains so complex, and the value of an individual Bitcoin is so volatile.
  • The entire network is used to monitor and verify both the creation of new Bitcoins through mining, and the transfer of Bitcoins between users.

Authoritative weekly newspaper focusing on international politics and business news and opinion.
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Central banks consider Bitcoin’s technology, if not Bitcoin

Central banks consider Bitcoin’s technology, if not Bitcoin

  • The Bank of England has produced several research papers on the topic.
  • The Bank of Canada teamed up with the nation’s five largest banks – and the blockchain consulting firm R3 – for what was known as Project Jasper.
  • If the central banks succeed, it would be one of the greatest unexpected twists in new technology: An invention aimed at dethroning central banks and making it harder for money to be tracked instead ends up empowering those central banks and making money more easily traceable.
  • The Bank of England said last month that it wanted the next version of the bank’s basic software infrastructure to be compatible with distributed ledgers.
  • Mark Carney, the head of the Bank of England, and perhaps the most prominent champion of distributed ledgers, has said that the technology could be worth using for central banks because it would make for a financial system that does not go down even if the central bank’s computer systems are temporarily taken offline.

Central banks are doing some of the most ambitious work in trying to harness the technology introduced by Bitcoin, according to the NYT.
Continue reading “Central banks consider Bitcoin’s technology, if not Bitcoin”

Central Banks Consider Bitcoin’s Technology, if Not Bitcoin

  • The Bank of England has produced several research papers on the topic.
  • If the central banks succeed, it would be one of the greatest unexpected twists in new technology: An invention aimed at dethroning central banks and making it harder for money to be tracked instead ends up empowering those central banks and making money more easily traceable.
  • Most financial institutions and central banks are looking at distributed ledgers that would be maintained on the computers of all the major players in the financial system, including the central bank and the biggest financial institutions.
  • Critics of blockchain technology have noted the apparent contradiction in central banks’ looking to distributed ledgers.
  • The distributed ledgers being considered by the financial industry and central banks would generally allow only a small number of registered entities to join in and take part in the network.

Central banks view the technology behind the virtual currency as a possible way to compete and record transactions, or to issue their own currencies.
Continue reading “Central Banks Consider Bitcoin’s Technology, if Not Bitcoin”

Central Banks Consider Bitcoin’s Technology, if Not Bitcoin

Central banks consider Bitcoin’s technology, if not Bitcoin.
#Bitcoin #Banking

  • The Bank of England has produced several research papers on the topic.
  • The Bank of Canada teamed up with the nation’s five largest banks – and the blockchain consulting firm R3 – for what was known as Project Jasper.
  • Critics of blockchain technology have noted the apparent contradiction in central banks’ looking to distributed ledgers.
  • If the central banks succeed, it would be one of the greatest unexpected twists in new technology: An invention aimed at dethroning central banks and making it harder for money to be tracked instead ends up empowering those central banks and making money more easily traceable.
  • Mark Carney, the head of the Bank of England, and perhaps the most prominent champion of distributed ledgers, has said that the technology could be worth using for central banks because it would make for a financial system that does not go down even if the central bank’s computer systems are temporarily taken offline.

Bitcoin was created by libertarian-minded programmers with a deep suspicion of central banks and the national currencies they issue.
Continue reading “Central Banks Consider Bitcoin’s Technology, if Not Bitcoin”

Central Banks Consider Bitcoin’s Technology, if Not Bitcoin

  • The Bank of England has produced several research papers on the topic.
  • If the central banks succeed, it would be one of the greatest unexpected twists in new technology: An invention aimed at dethroning central banks and making it harder for money to be tracked instead ends up empowering those central banks and making money more easily traceable.
  • Most financial institutions and central banks are looking at distributed ledgers that would be maintained on the computers of all the major players in the financial system, including the central bank and the biggest financial institutions.
  • Critics of blockchain technology have noted the apparent contradiction in central banks’ looking to distributed ledgers.
  • The distributed ledgers being considered by the financial industry and central banks would generally allow only a small number of registered entities to join in and take part in the network.

Central banks view the technology behind the virtual currency as a possible way to compete and record transactions, or to issue their own currencies.
Continue reading “Central Banks Consider Bitcoin’s Technology, if Not Bitcoin”

Trump, Russia, Samsung: Your Wednesday Briefing

#MobileMarketing

Trump, Merkel, Samsung: Your Wednesday Briefing #bitcoin  

— BitcoinAgil…

  • Your Morning Briefing is published weekday mornings.
  • We’re trying something new for our readers in Europe: a morning briefing to jump-start your day.
  • The trend of people dressing up like clowns and scaring others, which has spread across the United States, is now striking Britain, as menacing pranksters in costumes have been seen there.
  • I’m the last thing standing between you and the apocalypse,” she said in an interview .
  • A Syrian journalist is helping the German authorities in their search for Islamic State supporters who came to Europe as refugees.

Here’s what you need to know to start your day.
Continue reading “Trump, Russia, Samsung: Your Wednesday Briefing”

Central Banks Consider Bitcoin’s Technology, if Not Bitcoin

  • The Bank of England has produced several research papers on the topic.
  • If the central banks succeed, it would be one of the greatest unexpected twists in new technology: An invention aimed at dethroning central banks and making it harder for money to be tracked instead ends up empowering those central banks and making money more easily traceable.
  • Most financial institutions and central banks are looking at distributed ledgers that would be maintained on the computers of all the major players in the financial system, including the central bank and the biggest financial institutions.
  • Critics of blockchain technology have noted the apparent contradiction in central banks’ looking to distributed ledgers.
  • The distributed ledgers being considered by the financial industry and central banks would generally allow only a small number of registered entities to join in and take part in the network.

Central banks view the technology behind the virtual currency as a possible way to compete and record transactions, or to issue their own currencies.
Continue reading “Central Banks Consider Bitcoin’s Technology, if Not Bitcoin”