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Ben Horowitz

Bitcoin ‘solves double-spend problem’

5 Jun, 2014

Horowitz explains that the key innovation of Bitcoin and the reason Silicon Valley is investing in companies connected to it is the so-called double spending problem.

If you give me the coin, I know that you gave it to me and nobody else. Traditionally, we have someone like Visa who keeps a ledger, and you have to pay a big fee […] in Bitcoin there is no central thing or fee