One of the most exciting things about cryptocurrency is that the future hasn’t been written yet. And one of the things that strongly distinguish people in the cryptocurrency movement is how they deal with consent. If you care about consent, the safest thing to do is to ask every time. We are all creating this movement together. Let’s all do our best to build the culture of consent. The future of cryptocurrency, the future of open source money, and therefore the future of our financial infrastructure depends on it.
There are only two cardinal rules of cryptocurrency that arise directly from public key cryptography. As you probably know, modern cryptography is based on paired keys, a public key and a private key. Because of the blockchain, public keys and incidentally wallet addresses should be verified before sending. Due to the principle of immutability and the lack of a trusted intermediary, there’s no way to contest or reverse a transaction once it’s been made.The second law is simply that the owner of the private key is the owner of the wallet and all the funds therein.
Bitcoin is the leading edge of a movement I think of as Open Source money, and here are a few ways of thinking about this that might help. Here are 100 things to know for those new to bitcoin. The goal isn’t for you to understand all of these assertions, but if they contain unfamiliar words or concepts, you can then google those concepts and become informed. Understanding what is behind these 100 assertions will help you become knowledgeable about Bitcoin. If you want you can see how many of these things you already knew and give yourself a score out of 100 at the end.