What is the dark side of Bitcoin? I mean there is so much talk about prostitution, drugs, terrorism etc
Bitcoin itself is an open technical protocol, so it cannot have a dark side any more than TCP/IP can. The fact that criminals use Bitcoin to conduct business is proof that the system works as designed: trust-less value transfer and storage. Bitcoin is open to use by anyone. The term “Anyone” includes such persons as Adolf Hitler and Mahatma Gandhi. The openness of Bitcoin is part of the set of properties which makes it useful and therefore valuable. Without that openness, it will probably become useless and ultimately worthless. The philosophical implications of the word “anyone” on the civilization-level, is probably why this understanding of our world is gaining so much traction.
For me, for something or someone to have a dark side, they have a set of values they follow to do dark things and bitcoin simply doesn’t have that. It’s open so anyone can use it.
What is the real definition of crypto currencies in the simplest terms in a way that someone who has no clue can understand?
I give everyone a magic book. Anyone can write truth into it. Writing immediately appears in all books. Nobody can change what is written.
ELI18 Bitcoin: see Blockchain ELI5 and: Limit “truth” to currency actions: creation and transfer. You must work to create and own to send. Anyone can receive.
Cryptography is the bit which keeps everything secure and verifiable. It’s obviously a lot more involved than that, but that’s the general gist.
Willem van Rooyen is a Software Architect in Tarragona Area, Spain
He is an experienced Founder with a demonstrated history of working in the computer software industry. Skilled in Analytical Skills, E-commerce, Enterprise Architecture, Agile Methodologies, and Databases. Post-grad in Software Engineering from University of Oxford.