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shawn cahill
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1,638 followers
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"Enmeshed in this real-time stream of laughs and outrages and shiny distractions, it was easier than you might think to lose track of the fact that the billion dollar economy being built was actually real. The riches were real, the losses were real. Latent enemies, whose hard-lobbied fortunes lay in the wake of this magic internet money’s creative destruction, became real. Their lawyers and their old college roommates in government were real..."

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"One of the key features of bitcoin is that transactions don’t require a third party to sign off, like a bank or a credit card company. Every time a credit card gets swiped, the issuer charges a small fee — typically around 3%. It doesn’t sound like much but it quickly adds up and consumers ultimately end up paying.

But since bitcoin transactions don’t require a third party, there’s effectively no fee — a huge benefit to the economy.

It’s also not controlled by any government or central bank. Bitcoin is part of a peer-to-peer software system. The amount in circulation is strictly controlled by an algorithm. That means it cannot be incorporated into any country’s monetary policy and new bitcoins can’t be created at the whim of central bankers."

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A great podcast by Freakonomics Radio that discusses all things #bitcoin .  This is great to share with people who are new to bitcoin or with those who just want to understand bitcoin a little bit more.  It's well worth the listen! 

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"The exponential growth is driven by one factor only, not millions. The rate of adoption. Period."

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"So in short, Bitcoin can grow to the transaction scale of Visa without any foreseeable network or storage barriers."

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