A note from Daniel

Still, you may wonder, why do computers and applications that can make strong commitments about future behavior matter? As Nakamoto showed, one reason is to create a digital currency. A requirement for successful financial systems is trust in their long-term commitments. Bitcoin commits that there will never be more than twenty-one million bitcoins, a commitment that makes bitcoins credibly scarce. Bitcoin also guarantees that people can't play tricks like "double spending," or using the same money in two places at once.

Daniel Read Write Own, page 68 · March 1, 2024 Save to shelf
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