The Encryption Standard

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Bitcoin: The Encryption Standard

What currency is feared by the European Central Bank as a threat to fiat monetary institutions?  What currency is cash like but digitally transmittable allowing for ultimate anonymity and global mobility?

What digital currency is up over 2,200% over the last year?

The answer?  Bitcoin.



12 Responses to “The Encryption Standard”

  1. Joe says:

    Amazing infographic! Thanks – keep them coming

  2. Latexsolarbeef says:

    The Fed didn”t see this one coming.

  3. Anonymous says:

    While Bitcoin is nothing with cryptography, the only encryption used is the optional step to protect the local wallet. There is no encryption used in the Bitcoin protocol.

  4. TC says:

    “The difficulty of counterfeiting bitcoins is of comparable difficulty to gold alchemy.” = LOL

  5. Ana Maria says:

    The theorems of incompletitud of Gödel and Indecibility of Turing show us that there are no totaly unbreakable computer systems, I see that as a danger; what will hapen when Crakers break the system or find a security hole in the system. This theorems are mathematically true, thus no unbreakable informatic system can exist.

    I think this is the same fiduciary money of today, without real richness support, when the net has a collapse, the bit coin will collapse.

  6. andy says:

    Misconception: Bitcoin has no central authority. Bitcoin *does* have a central authority in the hands of Satoshi and other core devs. They have less power than the Fed but they still have decent power. In the fork in March we saw them exercice power by declaring that one of the blockchains was right and the other was wrong. They can also tweak the core algorithm, and there are a few things that they are already planning to change (such as one day increasing the number of times you can subdivide one coin). And no one other than the core team has the ability to send Bitcoin Alerts.

    Another misconception is the idea that Bitcoin will never have more than 21 million coins. If the core team wants to increase the coin limit, and they can convince 51% of miners to go along with the change, then they can make that change.

  7. Jinxy says:

    Sadly this has been overlooked – tell me how to get started using Bitcoins.

  8. zorba the greek says:

    I think I’ll just hold on to my physical gold and silver.
    But bit coin bugs, have a ball.

  9. Other says:

    What this doesn’t tell you is that bitcoin has exploded recently due to hackers and other malicious users. They are able to funnel “profits” through bitcoin which then allows them to remain anonymous…..

  10. Paul says:

    Bitcoins can be produced by mining them on your PC by letting your PC make those encryptions. The first few million were easy to mine, but the more are mined, the more dfficult the encryption has to be. Right now, as today, the energy your PC is using to mine Bitcoins, is costing you more than the value of Bitcoins it is mining.

    Warning: Bitcoin is a bubble, and it will burst. Better: buy silver or gold coins.

  11. Jon says:

    What happens in an electrocity outage? Doesn’t this make preventing a “bank run” easier? the government just shuts off the internet a la Iran/Cuba/China, etc. This seems like a statists dream.

  12. [...] Still unclear? check the infograph from Visual Capitalist [...]

  13. andrewvecsey says:

    Bitcoin explanation for dummies. Bitcoin – Simplified

  14. […] Decentralise the organisation. No one institute or what-have-you should be able to set the rules and give a spy agency access to shape security protocols used internationally. […]

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2 Trackbacks

  1. Bitcoin – what is it? | Fabio Slomp's blog

    [...] Still unclear? check the infograph from Visual Capitalist [...]

  2. Encryption needs an even newer New Encryption Standard

    […] Decentralise the organisation. No one institute or what-have-you should be able to set the rules and give a spy agency access to shape security protocols used internationally. […]

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