Before Bitcoin, obtaining consensus required a central authority.
Think of a traditional bank that you use.
The bank is needed to keep an internal ledger of accounts and balances, including your balance and transaction history.
It would be impossible to keep accurate records without a trusted centralized entity determining what is true for everyone in this situation.
Now imagine an innovation that removes the need for the centralized entity (the bank) to keep an accurate record of all the accounts, balances, and transactions.
It allows everyone to be their own sovereign bank without needing trusted third parties.
That’s Bitcoin.
https://financialunderground.com/articles/who-is-satoshi-nakamoto/
NickGiambruno / Nick Giambruno
npub1wg…se082
2023-12-26 13:26:33
Author Public Key
npub1wgjh30uxvvepumxhl3qlfzmt4chueprxmcvrxyw0wjtv9m4w8zwq3se082Published at
2023-12-26 13:26:33Event JSON
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"content": "Before Bitcoin, obtaining consensus required a central authority.\n\nThink of a traditional bank that you use.\n\nThe bank is needed to keep an internal ledger of accounts and balances, including your balance and transaction history.\n\nIt would be impossible to keep accurate records without a trusted centralized entity determining what is true for everyone in this situation.\n\nNow imagine an innovation that removes the need for the centralized entity (the bank) to keep an accurate record of all the accounts, balances, and transactions.\n\nIt allows everyone to be their own sovereign bank without needing trusted third parties.\n\nThat’s Bitcoin.\n\nhttps://financialunderground.com/articles/who-is-satoshi-nakamoto/",
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}