Introduction to Bitcoin Custody Options

Storing Bitcoin should be simple. A Bitcoin wallet can be generated from a list of 12 or 24 pseudo-random words (the “mnemonic recovery phrase”).  With some wallets, the same words will generate a valid wallet for most existing cryptocurrencies. This word list can be written on paper and placed in a

By David Veksler, ago

What Does It Mean To Own Bitcoin?

Understanding how Bitcoin ownership works requires understanding what it means to “own” a single Bitcoin address. At a practical level, Bitcoin ownership means the ability to send some amount of Bitcoin from one address to another or to cryptographically prove that one has that ability by “signing” a Bitcoin address.

By David Veksler, ago

Money Is a Practical Art

If you read on the topic of money’s history from any mainstream textbook, you will already know the drill. In the past, money took many forms. It was shells, pelts, salt, and various metals. Finally we got paper money, credit institutions, then central banks. At this point, we are told,

By Jeffrey Tucker, ago

Bitcoin Mining Is Costly, Just Like Gold Mining

The classic criticism against the gold standard is that it was too costly. Why are these guys wasting resources to suit up, dig into mountains, desperately seeking a finite resource, and slogging the results all the way to Treasury Department? This is all just silly. We know how to make

By Jeffrey Tucker, ago

Three Stages of Ownership

I constantly get the question: why do we need this blockchain thing anyway? Here is why. Every society with a vibrant commercial life exalts private property as an institution. The entrenchment of this institution occurs in three stages. All three are essential. The first stage is to create private property

By Jeffrey Tucker, ago

Bitcoin for Beginners

[This article was written for publication on April 1, 2013] Understanding Bitcoin requires that we understand the limits of our ability to imagine the future that the market can create for us. Thirty years ago, for example, if someone had said that electronic text—digits flying through the air and landing

By Jeffrey Tucker, ago

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