Bravenewcoin: What is bitcoin?

in money •  last year



Author: Ricardo Goncalves || blockchain || bitcoin || adoption ||

Steemians speak and listens! This article was created specifically for Steemit readers, in response to @krypto replying on our article Bitcoin's biggest Venture Capital deals of 2016 so far and requesting some intro-style content for newbies arriving on Steemit with very little knowledge of bitcoin and crypto fin-tech.

The bitcoin price is increasing. With the increase comes mainstream media hype and of course millions of new people who want to understand just what the heck this ‘magical internet money’ stuff really is!

Bill Gates called it ‘A technological tour de force’.


Google CEO, Eric Schmidt called it a ‘remarkable cryptographic achievement…’


Even Ashton Kutcher, actor turned investor is excited about the technology behind bitcoin.


Often with new technology, you read about it somewhere and then start searching the internet for more information and quickly get lost then lose interest.

To make it easier for those new to bitcoin, BNC has published an extensive resource section to help newcomers discover why bitcoin will change everything.

Today we also offer a compiled list of articles, blogs, videos, books and courses, to help you get started.

We often say to newcomers; “Do not expect to understand bitcoin or blockchain in the first 15min”.

This is why we created a ‘Gentle Introduction…’ Series of Free PDF’s to help explain the key elements within 20 to 30 minutes.


From there the curiosity is sparked and most end up falling deep into the rabbit hole, often getting lost on the internet as there is simply too much information.

Head on over to our resources section and check out the Bitcoin 101, which includes a full glossary;

Once the basics are grasped, you may find yourself asking, why has there been $1.2 Billion invested into bitcoin/blockchain companies? What applications or real-world use is there for bitcoin & blockchain?

BNC has carefully curated industry research on the subjects of bitcoin & blockchain from the world's largest research groups, including various banks, governments and mega consultancy firms like PwC & Deloittes.


Lastly, for those wanting a quality list recommended reading, Brian Forde, Director of the Digital Currency Initiative at MIT Media Lab, has curated an excellent set of articles, books and courses for those wanting to avoid having to find these great resources scattered all over the internet.

Brian States: “We’ve found that most people are initially willing to invest about 30–45 minutes to learn about cryptocurrencies. That can then ignite enough curiosity to invest another 2–3 hours — and then they’re off to the races”.

Overviews (30–45 mins)
A Gentle Introduction to bitcoin by BNC
Why Bitcoin Matters by Marc Andreessen
Why the Blockchain Matters by Reid Hoffman
How Does Bitcoin Work? (video) by David Andolfatto
Programmable Blockchains in Context: Ethereum’s Future by Vinay Gupta
The Blockchain Application Stack by Joel Monegro
The Shared Data Layer on The Blockchain Application Stack by Joel Monegro
How Bitcoin Is Like SMTP by Joel Monegro
How The Blockchain Can Unshackle Us by Jalak Jobanputra
The Non-Expert’s Guide to the Mt. Gox Fiasco by Arianna Simpson

Applications (60–90 mins)
Some ideas for native bitcoin apps by Chris Dixon
Certificates, Reputation and the Blockchain by Philipp Schmidt
Bitcoin Fact. Fiction. Future. by Tiffany Wan & Max Hoblitzell
State-Sponsored Cryptocurrency: Adapting the best of Bitcoin’s Innovation to the Payments Ecosystem by Deloitte
Elizabeth Rossiello Describes How BitPesa Slashes International Payment Fees by Laura Shin
Bitcoin Overview & Applications (video) by Brian Forde
How the blockchain will enable self-service government by Brian Forde & Michael Casey
Can Bitcoin Be Used For Good? by Chelsea Barabas & Ethan Zuckerman
Want to rent Star Wars? May the force be with you… by Brian Forde

Technical Overviews (2–4 hours)
Bitcoin: A Peer-to-Peer Electronic Cash System a whitepaper by alleged bitcoin creator, ‘Satoshi Nakamoto’.
Bitcoin: The new gold rush? by Val Srinivas
Bitcoin And Blockchain: Two Revolutions For The Price Of One? by Richard Gendal Brown
How the Bitcoin protocol actually works by Michael Nielsen
Research Perspectives and Challenges for Bitcoin and Cryptocurrencies by Joseph Bonneau, Andrew Miller, Jeremy Clark, Arvind Narayanan, Joshua A. Kroll, Edward W. Felten

Books (1-2 days each)
Mastering Bitcoin by Andreas M. Antonopoulos
The Age of CryptoCurrency by Michael Casey, Paul Vigna
Blockchain Revolution by Don and Alex Tapscott
Digital Gold by Nathaniel Popper

Bitcoin Course & Textbook (4–5 weeks)
Bitcoin and Cryptocurrency Technologies (course) at Princeton University
Bitcoin and Cryptocurrency Technologies (textbook), by Arvind Narayanan, Joseph Bonneau, Edward W. Felten, Andrew Miller, Steven Goldfeder

We hope these resources save those of you who are new to bitcoin & blockchain, time and effort in your quest for knowledge.

Remember however, bitcoin is just the first Digital Currency, followed by many others; some with great value propositions and others just plain clones.

Steem and its frontend, is a blockchain creation, much like bitcoin, but with slightly different architecture called graphene; being high in performance and scalability, thus improving on some of bitcoin’s shortfalls.

The social experiment has a fantastic value proposition of rewarding content producers instead of profiting off them as with the traditional social media model.

We at believe in the ‘Steemit’ concept, hence why we are introducing our content on ‘Steemit’ on a daily basis. We even have a dedicated market data page at with all the market prices and statistics about Steem that your heart could desire; please feel free to bookmark it!

If there’s any feedback or suggestions for other resources which you think would be highly useful - drop us a line on


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Kick ass post man.

Many of us here have been saying that the blockchain is the real beauty not BTC for many years - usually at Bitcoin conferences that they end up hating us at.

Once I chewed out the whole panel at the BTC conference in Las Vegas on their marketing strategies for Bitcoin because they just don't understand...

It was funny to say the least.

You have put together a really great resource post!


I wish I was there at in Vegas to watch would have been great!

Thanks for your support and positive replies. Looking forward to more of your content.


Ricardo Goncalves (BNC Steemit Community Manager)
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More like an ELI12 - great article though :)


Lol @ash ELI12 is not really a buzzword, so I went with ELI5, :) how do you like my streamlined signature above with less derailing potential? I made sure not to use it for you tho ;)


actuallyyyyy, i really wanted to ask you about that. I like it. It's a bit corporate but I can see that it will be mega helpful for new steemit-ers [ man, i never know the right word here ]. Keep using it and teach us how to do one :D


Steemians is the right word, I think!


Hey, #bravenewcoin is primarily on the business of delivering corporate API solutions to enterprise, we also aim to be the "Bloomberg of blockchain" so I guess our articles do have to be corporate, but I can be a bit light hearted in my replies though, keepin' things fresh. I have removed the ELI5 from the title, I listened to public wisdom. :)


Ricardo Goncalves (BNC Steemit Community Manager)
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You make our lives so much easier:) cheers !

Bitcoin is the revenge of the nerds.


Sure is :) who needs to be on the football team when you can be on Steem! :)

This is a great post, very informative, thank you!