CSE 127 Lecture Notes - Lecture 19: Bitcoin, Public-Key Cryptography, Payment System
7 Dec 2018
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Computational generated (not backed by a country!) Bitcoin wallets named by public keys; names are clean and not inherently tied to analyting! I don"t know the public key corresponds to youuntil you buy something and ship it to your place! Scary for consumers (no authority figure to rollback on your behalf!) 17. 4 million bitcoins have been (mined) to date. We all agreed that this piece of crumbly paper is worth something! Spend resources to ensure that the money stays valuable. Difference: bitcoin is not backed by any government. Similarity: we trust that it"s actually worth something. Difference: cash flows for btc are very modest compared to the dollar (everyday use) Difference: the way you get the currency. Use crypto to ensure validity of tokens! Bitcoin"s solution: maintain a global public append-only log. The blockchain - a public ledger of all transactions. Everyone can see your transactions (and in the order they happened)
