a16z: Crypto Applications

First, Bitcoin What is Bitcoin and why was it invented? We can get there in four steps. 1. PHYSICAL CASH A hands B cash. B knows A no longer has it. A 101 011 3. CENTRALIZED DIGITAL CASH C is a bank. It is trusted to debit A & credit B. A ·.6 Ⓒ2020 Andreessen Horowitz. All rights reserved worldwide. B C III. B 101 011 2. NAIVE DIGITAL CASH A sends B serial numbers. A still has a copy! 101 011 101 011 A A 101 011 4. DECENTRALIZED DIGITAL CASH C is replaced by miners updating blockchain. B B B 101 011 a16z

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