The algorithms that underpin the security (/"trust") of bitcoin are proven to be secure in all of their use cases individually on the Internet too.
HashCash (where the proof of work algorithm is derived) is used by companies like cloudflare to keep websites resilient to spam attacks. Hashing itself we know is resilient because every well stored password is stored in hashed form in a database.
Digital certificates use signing algorithms similar to bitcoin, the algorithm used for bitcoin was put out to replace rsa and other less secure algorithms at the time though as rsa keys were huge (I wasn't around then to know the competitors but assumed this was the case).
The hashing done with bitcoin is with billions of machines and they still only find a block every 10 minutes.
We're only able to theoretically test how quantum proof hashing is but no formula has been found to derive that and there likely isn't one that can do it faster than can already be done on a binary machine.
Topic: More on "trust" for Bitcoin transactions (Read 86 times)
The Bitcoin white paper shows Bitcoin to be widely a trustless form of cash use.
The understanding and workings of this means particular, instead of a whole to myself and assumably many others.
As being trustless is mainly visible in usage for us (learners) mainly in Bitcoin storage, and independence on spending. That is, trustless meaning and working to be that you don't have to trust a third party; a bank, a person, or an intermediary that operates between you and your transactions or holdings.
In light of the above, and for better understanding, how do i explain the use of Bitcoin's "trustless" feature to people to cover the part of the recipient in a business transactions, and as a medium of exchange from quite a distance?
I think an explanation to this hasn't been widespread enough thereby profiling Bitcoin more as a store of value than as a tender.
The understanding and workings of this means particular, instead of a whole to myself and assumably many others.
As being trustless is mainly visible in usage for us (learners) mainly in Bitcoin storage, and independence on spending. That is, trustless meaning and working to be that you don't have to trust a third party; a bank, a person, or an intermediary that operates between you and your transactions or holdings.
In light of the above, and for better understanding, how do i explain the use of Bitcoin's "trustless" feature to people to cover the part of the recipient in a business transactions, and as a medium of exchange from quite a distance?
I think an explanation to this hasn't been widespread enough thereby profiling Bitcoin more as a store of value than as a tender.
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