A brilliant description. It's certainly the best explanation I've ever seen. For the first time I actually understood how it works.http://www.youtube.com/watch?v=Lx9zgZCMqXE
How does Bitcoin work?
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I also found the explanation on Khan Academy pretty good: https://www.khanacademy.org/economics-finance-domain/core-finance/money-and-banking/bitcoin/v/bitcoin-what-is-it
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It'll be interesting to see, over time, how closely the growth curve of the transaction logs match storage and memory averages.
It's pretty easy to see how, if Bitcoin were to become a commonly used currency, that another solution would be needed for the transaction logs. I wouldn't want to carry forward the entire database of VISA purchases ever.