{"id":15738,"date":"2014-01-13T10:42:20","date_gmt":"2014-01-13T15:42:20","guid":{"rendered":"http:\/\/ssgreenberg.name\/PoliticsBlog\/?p=15738"},"modified":"2014-01-13T10:42:20","modified_gmt":"2014-01-13T15:42:20","slug":"the-behavioral-economics-of-bitcoin","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2014\/01\/13\/the-behavioral-economics-of-bitcoin\/","title":{"rendered":"The Behavioral Economics of Bitcoin"},"content":{"rendered":"<p><em>Creditslips<\/em> blog has the article <a title=\"Creditslips blog post\" href=\"http:\/\/www.creditslips.org\/creditslips\/2014\/01\/the-behavioral-economics-of-bitcoin.html\" target=\"_blank\"><strong>The Behavioral Economics of Bitcoin<\/strong><\/a> by \u00a0Adam Levitin.<\/p>\n<blockquote><p>Bitcoin is a completely decentralized peer-to-peer currency and payments network. There is no central Bitcoin authority that verifies transactions, etc. This also means that there is no central for-profit manager that has to be paid to operate the system.\u00a0 Instead, every Bitcoin user has a Bitcoin wallet on a personal electronic device (or webhosted). This wallet consists of open-source software that interfaces with other Bitcoin users&#8217; software.<\/p><\/blockquote>\n<p>The above excerpt is only the beginning of the explanation.\u00a0 There is something called bitcoin mining that is the mechanism for creating bitcoins.\u00a0 I had heard about this, but hadn&#8217;t found an explanation until reading this article.\u00a0 I won&#8217;t steal Adam Levitin&#8217;s thunder by quoting it here.\u00a0 You&#8217;ll have to read the article yourself.\u00a0 The explanation is pretty brief, but it is enough to satisfy me for the moment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Creditslips blog has the article The Behavioral Economics of Bitcoin by \u00a0Adam Levitin. Bitcoin is a completely decentralized peer-to-peer currency and payments network. There is no central Bitcoin authority that verifies transactions, etc. This also means that there is no central for-profit manager that has to be paid to operate the system.\u00a0 Instead, every Bitcoin [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[166],"tags":[],"class_list":{"0":"post-15738","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-stevegsposts","7":"czr-hentry"},"_links":{"self":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/15738","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/comments?post=15738"}],"version-history":[{"count":2,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/15738\/revisions"}],"predecessor-version":[{"id":15740,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/15738\/revisions\/15740"}],"wp:attachment":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/media?parent=15738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/categories?post=15738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/tags?post=15738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}