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By Hans J. Morgenthau

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Chapter 8 What Is Bitcoin? First Attempts The idea of a digital currency that is created by nonelite sources is not a new one. The birth of the Internet brought with it the realization of the possibilities for an Internet currency. Literally dozens of currencies such as Cybercash and Digicash were floated in the 1990s and either failed because they were scams from the start or because their origin was hunted down. In terms of music sharing, Napster failed because it had a centralized location to which the authorities could address their response, whereas subsequent decentralized file-sharing systems have succeeded.

Companies doing business and accepting payments globally are subject to increasing fees and sometimes arbitrary chargebacks which no doubt impact their bottom line. WordPress would probably not even mind if a large chunk of their mainstream payment processing migrated to bitcoin. 8 million WordPress sites are written in 120 different languages creating nearly 32 million new user posts each month. Criticizing the centralized bankcard associations and citing payment method deficiencies, WordPress spokesperson Andy Skelton said, “Unlike credit cards and PayPal, Bitcoin has no central authority and no way to lock entire countries out of the network.

The Elites 14. Bitcoin’s Decentralization vs. Fiat’s Centralization 15. 0 Conclusion Bibliography Notes Preface THE REASON you are reading this book is that you have some misgivings about our current financial system and are intrigued about Bitcoin. ” You recognize that “money” has somehow become your master, taking more of your time than you wish to give. The contents of this book will come as a bit of a surprise to most people, for we do indeed stand on the verge of the most spectacular event in human history.

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