πππ§ππ’ππ‘ AND THE WORLD IS FLAT PART 2
In Vietnam, we use Dong, which is a type of paper money that can be spent and transferred based on the banking system. Transferring an amount of cash into the banking system is not a simple matter, because it is related to the origin of that cash. People call this anti-money laundering. The application of anti-money laundering measures is necessary to limit exchanges that are not authorized by the state.
On the level of global commerce, people currently use convertible national currencies such as dollars, yuan, yen, and ero. They are national payments instruments, deeply political, and as such they are potential sanctions tools that inhibit free trade. In addition, the exchange rate system for converting between currencies is also a political and economic tool based on which property can be appropriated. To achieve greater freedom in global cooperation one needs a conventional currency instrument that allows anti-money laundering and apolitical payments. One such fiat currency is Bitcoin.
Each person's assets stored in national currencies in a bank account are a number, not money. Unlike money in a regular bank account, each bitcoin has its own unique code and associated with it is the history of ownership transfer from one person to another. The amount of bitcoins a person owns is the amount received from someone who sent it and minus the amount he sent, but sending is not sending numbers but transferring the right to use them. every bitcoin he receives. Thus, there is no bank that stores bitcoin assets and therefore cannot control the ownership and transfer of bitcoins. All money transfer transactions of the bitcoin system are public and recorded in the system-wide transaction ledger. A person wants to transfer an amount of bitcoin to another person, then the system will calculate based on the ledger how many bitcoins he has, and only then will the transfer order be accepted.
Computers take a lot of computing power to check the reasonableness of transactions and find new blockchain connections to the ledger system. Calculating and finding this connection is essentially just trying out the possible possibilities one by one. The computer system that performs these tests is called a miner. Anyone can be a miner, and many times success is random. Each new blockchain generates a transfer right of 25 new bitcoins. They belong to whichever miner finds the connection.