University of Brighton provides funding as a member of The Conversation UK. The Conversation UK receives bitcoin mining machine 2016 tax from Hefce, Hefcw, SAGE, SFC, RCUK, The Nuffield Foundation, The Ogden Trust, The Royal Society, The Wellcome Trust, Esmée Fairbairn Foundation and The Alliance for Useful Evidence, as well as sixty five university members. Most people are bamboozled by Bitcoin.
It’s shrouded in jargon and geek speak. It borrows physical metaphors from all over the place adding to the confusion. But there are definitions of Bitcoin that even a five-year-old could understand. You can buy and sell bitcoins or exchange them for goods and services in the physical world, and a small but growing number of businesses you’ve heard of accept them.
If you want to cash out into physical paper money, you’ll probably have to pay a fee. But bitcoins can be bought and sold without the need for those organisations. It does this by distributing what used to be our trust in one organisation across a system of many people. And here another metaphor borrowed from the physical world comes into play. It’s a big, open, digital book of truth and openness.