2013-08-01 Forbes - How Bitcoin Works

[bitfromit]

Positive for a change and well done :

http://www.forbes.com/sites/investopedia/2013/08/01/how-bitcoin-works/

When talking about how to use there is no mention of mind wallets.

Still don't get it though :
"Why does transaction verification or confirmation take so long? Because the complex algorithms involved in Bitcoin mining"

"The concepts of cryptocurrencies in general are abstruse and abstract."

I would argue that at a "concept" level this should not be the case, the "concept" is not that hard. So many seem to be turned of by the idea that it is "abstruse", "abstract", "technical" etc.

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[Carlton Banks]

"The concepts of cryptocurrencies in general are abstruse and abstract."

I would argue that at a "concept" level this should not be the case, the "concept" is not that hard. So many seem to be turned of by the idea that it is "abstruse", "abstract", "technical" etc.

Well, it has got to be the most abstract money system so far, so that's not unfair. I'd imagine that the vast majority of us Bitcoin-ites are either involved in computing at a minimally semi-professional level, doing some other technical occupation, or in finance (with a big bias towards those involved in technical or computing related aspects of finance). People in those categories do have a natural advantage in "getting it".

[marcus_of_augustus]

And the federal reserve's creation of digital fiat 'money' from thin air is not abstruse and abstract?

[aigeezer]

And the federal reserve's creation of digital fiat 'money' from thin air is not abstruse and abstract?

How Forbes Works                 

[kjlimo]

I like the walk through of a bitcoin transaction with some explanation of what's going on and what people do or do not "need" to understand.

Obviously, some things said differently than what "we" might say, but overall I'd say they "get it."