Bitcoin is magic
As part of a recent tweet asking all novelists to send her a message with their questions about Bitcoin, CoinDesk journalist Leigh Cuen posted a Twitter response from none other than beloved Harry Potter author J.K. Rowling.
„I don’t understand about Bitcoin,“ Rowling said, adding, „Please explain it to me.
Dear JK Rowling:
The first thing you have to understand is that Bitcoin Era trading stocks, how to buy omg on Bitcoin Trader, web trading Bitcoin Billionaire, how Bitcoin Profit card works, how to trade stocks Bitcoin Circuit, Bitcoin Evolution login to bank account, activtrades vs Bitcoin Code, best Immediate Edge day traders, revolut to The News Spy beneficiary not allowed, Bitcoin Revolution won’t verify credit card is magic. It allows you to exchange money with anyone in the world instantly, cheaply and safely, without the need for any centralized, pixie-based banking authority.
Andreessen Horowitz publishes lectures from his ’school of cryptomoney companies.
Chapter 1: Nobody’s White Paper
Bitcoin was invented by a mysterious computer programmer named Satoshi Nakamoto, almost certainly a pseudonym. In Bitcoin’s 10-year history, the identity of its creator has never been discovered. We can refer to him here as „The One Without a Name.“
Chapter 2: The Book That Writes Itself
Ownership of each coin is confirmed and recorded instantly in a digital book, called a Blockchain, similar to the way the Acceptance Pen records the name of each new Hogwarts prospective student in the Admissions Book. Except that instead of recording the magic births, we record who has and who does not have a particular coin.
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This record book is public, and allows anyone to see who has owned a particular coin throughout its history. A good visual representation of this process is a library book lending card.
In contrast to Gringotts (as well as the banks of the Muggles (non-magical people)), Bitcoin has no set hours of operation. You can send your Bitcoin anywhere in the world, day or night, 365 days a year, and the recipient will receive it within seconds. It’s also quite safe, no dragons needed.
Chapter 3: The Inconquerable Currency
Following Gamp’s Law of Elementary Transfiguration, new money cannot be conjured up out of thin air. Bitcoin respects this particular law far better than any currency issued by governments. There will only be 21 million coins on the Bitcoin network, and nothing can change that. By limiting the number of Bitcoin to this finite amount, the scarcity gives each coin a certain level of intrinsic value.
It also protects Bitcoin from the extreme hyperinflation problems seen with government-issued coins.
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Chapter 4: The Magic Mine
Bitcoin transactions must be validated in order to be added to the Blockchain logbook. An algorithm called Proof-of-Work, or PoW, allows anyone in the world to contribute to this process by using the processing power of the computer to solve complex mathematical equations.
The first miner to confirm each new batch of transactions, called a block, is rewarded with a new issue of Bitcoin never before spent. Surely, this process would be a good candidate for the Nonsensical Patent Office.23