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28 November 2017

Green Bitcoin

Jason (Jay) McDonough is an IT, video production and real estate genius (among other good things) based in Wisconsin as well as somewhat of a Bitcoin currency expert. Jay and I have built a number of green projects together and he has shared how Bitcoin may change the way we will be exchanging value. Bitcoin is a cryptocurrency, the first and still the biggest example of its type. At its core, it’s a new form of digital asset, created through a canny combination of encryption (the same technology that protects WhatsApp from eavesdropping) and peer-to-peer networking (which allowed music piracy to blossom in the 00s through services such as Kazaa). If you own a bitcoin, what you actually control is a secret digital key you can use to prove to anyone on the network that a certain amount of bitcoin is yours.
If you spend that bitcoin, you tell the entire network that you have transferred ownership of it and use the same key to prove that you are really you. In that respect, your key is similar to a password that allows you access to your money, except with no possibility of resetting your key if you lose it. Anyone else who manages to discover your key would gain total, irreversible control over your cash. The history of all the transactions made is a lasting record of who owns which bitcoin: that record is called the “blockchain”. Alex Hern, writing for The Guardian has much more information here…

 

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