The genius part of bitcoin!

in #bitcoin4 years ago (edited)

The genius part of bitcoin is that you can do this: with only a pen and paper you can create your our private-key. For example: 0x543267892... etc. Just a bunch of random numbers put behind each other (size needs to be 256 bit). Then, without a computer (and thus without internet), you can calculate the public-key from that. Ok... its a lot of calculation... but its possible. Then you can give your public-key (==your bitcoin address) to anyone in the world and ask them to send bitcoins to you. That other person needs a computer and internet to do that, in order to add that transaction to the blockchain, but that's it! He/she can do that for example using Mycelium bitcoin wallet app on an android phone. But... you as a receiver NEVER had to touch the internet in order to become an owner of bitcoins! I think that's a super genius part of bitcoin/blockchain technology!

Of course in order to spend your bitcoins you have to go on the internet, but you can do that for example a few years later. Maybe from somewhere far away. Maybe just from your mobile phone somewhere in the jungle, as long as you have access to WiFi. Again... also for that you just need a simple bitcoin wallet on your phone. You can take your private-key that you made-up years ago and enter it in that wallet... and boom... you can spend your bitcoins! Without downloading any bulky blockchain!

So, imagine you are somewhere on the north pole and you want to receive money. You don't have internet. But don't worry. You can just create a fantasy bitcoin private-key and corresponding public-key and carve it on a rock. Give that rock to a polar bear who can bring your number to the civilized world. There somebody can use that address to send you bitcoin money. You don't need anybody for that. Only a polar bear!



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Great Article :D

Thanks! :-)

nice)))

He he he ! Only need a polar bear for that. Can't wait to be making money alone in the wilderness.

Solid post. Same mindset here. The future is in blockchain. The issues is that people don't seem to care about the Trustworthiness of the current cryptos. This also happened in the internet boom. An interesting website I found: https://www.coincheckup.com. The site is my go to place for crypto investment analaysis and indepth coin research. Go to: https://www.coincheckup.com/coins/Asch#analysis To watch Asch Detailed report.