This is the most informative and easy to digest description of Bitcoin (and cryptocurrency at large, if I'm talking understanding it) that I've read. Thank you for this post, and also this super apt and clear analogy:

If bitcoin continues on anything approaching its almost decade-long historical growth trend (which is really no different than the trend experienced by a number of other recent digital innovations), then Bitcoin will over the next decade do to money, banking, finance and nation-states (not to mention law and accounting) what digital film did to Eastman Kodak, digital music did to music stores, digital books did to book stores and the Internet did to newspapers.

xo