VEINTIUNO

bitcoin

![](https://m.stacker.news/39562)
Para ponerlo en pocas palabras, se trata de un **protocolo** para construir una **red de pagos electrónica** y **descentralizada**. Vamos a explicar que quiere decir cada una de estas palabras.

- Protocolo: Se trata de un conjunto de reglas y procedimientos a seguir con el fin de lograr un objetivo, el internet es un buen ejemplo de protocolo cuyo objetivo es transferir información.
- Red de pagos electrónica: Consiste en un sistema donde se transfiere dinero de una persona a otra utilizando internet. MasterCard, PayPal o Visa son redes de pago electrónicas, estas operan mediante servidores y autoridades, las personas pueden acceder al sistema mediante una conexión a internet.
- Descentralizada: Significa que no hay una autoridad central que controla el sistema, también significa que no se requiere de permisos de una para acceder al mismo.

Entonces Bitcoin se trata de un conjunto de reglas y procedimientos para construir un sistema que permite transferir dinero de una persona a otra, sin necesitar una autoridad central para validar los pagos y al cual se puede acceder mediante una conexión a internet.

# Un poco de historia
Para entender bien a Bitcoin y porque existe es necesario primero hacer un breve repaso sobre que es el dinero y para ello hace falta remontarnos al pasado.

En los inicios de la humanidad las personas intercambiaban bienes y servicios mediante el **trueque**, 10 kilos de trigo por una vaca, 2 gallinas por 1 jarrón de vino, 1 pescado por 1 kilo de arroz, etc.
Sin embargo este sistema presentaba algunos problemas:

- Uno era encontrar la persona que quisiera recibir lo que tenias y que vos quisieras lo que esa persona podía ofrecer a cambio. Esto se conoce como el problema de la doble coincidencia de necesidades.
- Otro problema era que aunque encontraras a la persona indicada muchos bienes no se podían dividir, si vos tenias una vaca, y querías cambiarla por 10 kilos de trigo, no ibas a aceptar 5 kilos de trigo y cortar la vaca a la mitad… claramente no era una opción.
- Otro problema es que incluso bienes de una misma clase no poseían todos el mismo valor, la vaca podía estar mas flaca o gorda de lo que deseaba el comprador, el trigo podía estar seco o inmaduro, el vino picado, etc.

### El Dinero
En definitiva, el trueque tenia muchos problemas que derivaron en la necesidad de usar un bien de intercambio general, un bien en el cual la gente confiara, que fuera fácilmente divisible y que todos quisieran tener, a ese bien hoy se lo conoce como **dinero**.

Dinero proviene de la palabra latina *Denarius*, que era una moneda Romana hecha en base a plata muy usada en la época. 
Pero hay que diferenciar dinero de moneda, el dinero existió mucho antes de las primeras monedas. 
Se cree que las primeras formas de dinero fueron bienes duraderos y relativamente escasos como conchas de mar, sal, piedras preciosas y por supuesto metales preciosos. La gente solía coleccionarlos, atesorarlos y llevarlos puesto como decorado o señal de jerarquía.

![](https://m.stacker.news/39554)

*Algunas sociedades utilizaban collares de conchas las cuales servían para mostrar jerarquía y riqueza dentro de la comunidad.*

![](https://m.stacker.news/39555)

*Este se considera el anillo de oro mas antiguo que se haya descubierto, su fecha data del 4600-4500 AC.*

Se cree entonces que estos bienes se fueron abriendo paso en el comercio compitiendo contra otros bienes, acá es donde la propiedad de los metales preciosos termino siendo un factor clave para su ascenso como medios generalmente aceptados de intercambio.

### La Moneda
Sin embargo seguían existiendo algunos problemas, uno de los mas graves la falsificación, los comerciantes debían verificar que el dinero con el que se pagaba tuviera el valor que decía tener, por lo que con el paso del tiempo la humanidad en diferentes partes del mundo termino introduciendo una forma de metal precioso estandarizada, muchas veces sellada por una autoridad, con algunas estratagemas para dificultar la falsificación. Esto es lo que hoy conocemos como **moneda**.

![](https://m.stacker.news/39556)

Un ejemplo bien documentado de la transición desde bien de trueque a moneda lo tenemos con el As romano de bronce.
En un comienzo se comercializaba el material crudo en su forma mas primitiva conocida como *Aes rude.*

![](https://m.stacker.news/39558)

El siguiente paso evolutivo fueron las placas firmadas llamadas *Aes signatum.*

![](https://m.stacker.news/39559)

Por ultimo apareció la moneda de bronce conocida simplemente como *As.*

![](https://m.stacker.news/39561)

### Moneda y Estado
El uso de la moneda como dinero soluciono la mayoría de problemas y facilito mucho el comercio sin embargo también se genero una mayor dependencia en las autoridades ya que estas se ocupaban de la estandarización y de dar el sellado oficial, características que las propias personas demandaban.

La acuñación de la moneda significo una unión entre el dinero y el estado que no se ha conseguido debilitar hasta el día de hoy.
Dicha unión dio lugar a un enorme poder que la sociedad concedió al estado para controlar el valor del dinero y así también dio lugar a los abusos del poder para con el mismo.

![](https://m.stacker.news/39565)

*La perdida de poder adquisitivo de la moneda se puede ver graficada en este imagen donde el denario romano hecho de plata va perdiendo su contenido de este elemento además de modificándose su tamaño. Toda esta perdida de valor en la moneda ocasionaba inflación en los precios de la economía Romana.*

### El dinero papel
A pesar de la acuñación y el uso generalizado de la moneda seguía existiendo un problema, este dinero era metálico, y como bien sabemos, el metal es pesado, ruidoso (imagina ir caminando por una calle solitaria en el medio de la noche con una bolsa llena de monedas) y voluminoso.
Así que alrededor del siglo VII DC empezó a surgir en China, durante la dinastía Tang, **el dinero papel** como respuesta de los comerciantes ante la pesada tarea de usar dinero metálico para grandes volúmenes de operaciones. El concepto era que los comerciantes respaldaban estas notas de papel con dinero u otros bienes reales como garantía.

Pese a las ventajas que ofrecía este sistema hubo que esperar hasta el siglo XI, cuando la Dinastía Song finalmente utilizo dinero papel de forma oficial.

![](https://m.stacker.news/39566)

A la derecha un billete de la época de la Dinastía Yuan, en el lado izquierdo la matriz para imprimir dicho billete.

### Los bancos
Puede parecer raro pero en realidad los bancos existen hace mucho tiempo, aunque sus funciones han cambiado notablemente de su propósito original.

Los primeros bancos de los que se tienen registro surgieron en la Mesopotamia, uno de los mas grandes de aquella época fue el banco de Babilonia que surgió alrededor del 1800 AC, los bancos de la antigüedad consistían en Templos religiosos los cuales prestaban semillas a la gente para que luego esta la con la cosecha de la misma se devuelva lo prestado + un interés. También se podía depositar oro u otros bienes de valor y se cree que se cobraba un sexagésimo del valor depositado es decir 1/60.

🏛️ Durante el 1800 AC el rey de Babilonia Hammurabi creo el código que hoy lleva su nombre, una serie de reglas recopiladas en piedra entre las cuales habían algunas muy interesantes como:
Ley 122: El depositante de oro, plata u otra propiedad deberá presentar todos los artículos y un contrato de garantía firmado a un notario antes de depositar los bienes con un banquero.
Ley 123: El banquero quedara eximido de cualquier obligación respecto al contrato de garantía si el notario niega la existencia de dicho contrato.
Ley 124: El depositante con un contrato de garantía firmado por un notario podrá retirar la totalidad de su deposito.
Ley 125: El banquero será responsable de reponer las perdidas ocasionadas por robo.

Banqueros, contratos de garantía, obligaciones contables, ¡todo esto hace casi 4 mil años atrás!

De hecho aunque parezca atípico ya en esas épocas antiguas existían los bancos centrales, al parecer los historiadores han descubierto que en Egipto operó un sistema bancario muy exitoso en base al grano de cosecha. Este sistema fue tan extendido que se creo una red de bancos cuyo eje central estaba en Alejandría. Es decir, los egipcios tenían un sistema de banco central ¡HACE MAS DE 2 MIL AÑOS ATRAS!

### La banca moderna
Como se pudo ver arriba, la actividad bancaria es algo muy antiguo, no es una invención moderna, no obstante el sistema bancario que inicialmente nació como servicios de prestamos y depósitos termino tomando un rol mucho mas preponderante al punto que hoy domina los aspectos económicos y sociales de la humanidad. Como sucedió esto? Veamos.

La actividad bancaria en el mundo occidental sufrió una edad oscura luego de que alrededor del 300 DC religiones como el Cristianismo o el Islamismo (surge en el 600 DC) emergieron, pues estos tenían una visión inmoral acerca de cobrar intereses en un préstamo (denominado “usura” por ellos), lo cual era un concepto fundamental en las operaciones bancarias. Por lo tanto la actividad bancaria fue gravemente afectada y solo volvió a resurgir en el mundo occidental alrededor del 1300 DC, casi 1000 años despues.

La banca entonces resurge en los alrededores de Italia de la mano de los Judíos, pues estos en su religión no veían como un pecado cobrar intereses. Así que comienzan las actividades de préstamo y seguros tal y como se hubiera hecho mas de 1000 años atrás. De hecho el termino “banco” adquiere tal denominación en esta época ya que los prestamistas solían efectuar sus operaciones en este tipo de muebles, de ahí que lleve el mismo nombre que el banco de una plaza.

La actividad bancaria evoluciono de la mano de los judíos y mas adelante durante el 1600 DC por el surgimiento del Protestantismo, una mirada nueva del Cristianismo que entre otras cosas no condenaba mas la usura. El protestantismo se volvió muy popular en el norte de Europa en regiones como Alemania, Reino Unido y Holanda.

En Londres surgieron las primeras actividades de emisión de dinero papel y reserva fraccionaria durante el 1600, los joyeros de oro de la ciudad, solían tener depósitos seguros donde almacenaban el oro de sus clientes y cobraban una comisión por ello, luego entregaban un certificado en papel al dueño de las posesiones, con el tiempo este papel se empezó a traspasar de manos y se convirtió en el dinero papel que hoy conocemos.

Los joyeros observaban que los dueños de las reservas de oro no solían retirar todo su deposito, es decir existía una fracción de reserva disponible para realizar prestamos. Lo que los llevaba a prestar dichas reservas y ganar mas en comisiones, por supuesto si todo el mundo que había depositado retiraba al mismo tiempo el banco quebraba, lo que hoy se conoce como una **corrida bancaria**.

![](https://m.stacker.news/39567)

*Como se puede observar en la imagen, el sistema de reserva fraccionaria tiene el problema de que genera mas dinero en el sistema del que realmente se podría cubrir si todos los depositantes intentaran retirar el dinero.*

Los riesgos de corrida bancaria fueron muy frecuentes en esa época y propiciaron la creación de unos prestamistas de ultima instancia quienes debían socorrer a aquellos bancos que estuvieran en riesgo de quiebra, habían surgido así los **bancos centrales**.

### 🪙El patrón oro
Contrario a lo que se cree el dinero por excelencia mas utilizado hasta ese momento no era el oro sino la plata. Esto se debía a alguna propiedades monetarias tales como:

- Divisibilidad: Las monedas de oro mas pequeñas equivalían a un pago semanal de un trabajador promedio, mientras que las monedas de plata podían representar pagos mucho mas pequeños como ganancias laborales diarias o compras de alimento.
- Densidad: El oro es casi el doble de denso que la plata, lo cual lo hacia mas dificultoso de transportar y por lo tanto condicionaba su uso.
- Durabilidad: El oro por sus propiedades químicas es mas difícil de oxidarse o rayarse que la plata, esto le confirió una reputación de nobleza, esto sumado a la ley de Gresham que dice que el dinero malo tiende a gastarse mas que el dinero bueno, devino en el uso generalizado de la plata, y no del oro, como dinero general de uso.
- Volatilidad: Debido a todo lo antes descripto la plata gozaba de un mayor volumen de intercambio lo que le confería una mayor estabilidad de valor vs el oro.

Sin embargo en 1717 el señor Isaac Newton, que en ese momento era Maestro de la Royal Mint, es decir, la emisora oficial de monedas de Reino Unido calculo erróneamente el valor de intercambio de Oro-Plata, dándole así un valor 15.2 veces mas alto que en otros países, lo que significaba que se necesitaba menos Plata para adquirir Oro. Esto quito a la Plata de circulación en Reino Unido por el mas fiable y relativamente barato Oro. La expansión del Imperio Británico sobre el mundo sentó el dominio del Patrón oro de forma global.

### El jueves negro
El sistema de banca fraccionaria + bancos centrales + patrón oro funciono bastante bien para el mundo occidental durante todo el siglo 19 y comienzos del 20. Sin embargo el sistema se había vuelto cada vez mas riesgoso al punto que se prestaban 9 billetes por cada billete depositado lo que equivalía a una reserva del 10%. 

Tal es así que el 24 de Octubre de 1929 ocurrió el gran crash que culmino con el colapso de miles de bancos a lo largo de todo el mundo y una recesión que duro 3 años y bajo el PBI del mundo en un 15% (en comparación, con la crisis del 2008 ¡el PBI mundial solo bajo 1%!). 

Durante esta crisis muchos países, principalmente Reino Unido, abandonaron el patrón oro. Siendo Estados Unidos uno de los pocos que la mantendría.

Este evento también dio lugar a que en 1933 el presidente de USA Roosevelt emitiera la **Orden 6102** la cual le prohibía a los ciudadanos norteamericanos poseer oro, aumentando así el control del estado sobre el dinero.

### La dolarización
En 1944 los dirigentes de las potencias anglosajonas y europeas que venían ganando la segunda guerra mundial se reunieron para organizar nuevas reglas internacionales, así se llego al acuerdo de **Breton Woods**, el cual establecía que los países miembros aceptarían al dólar estadounidense como reserva de sus bancos centrales, a su vez el dólar estadounidense estaría respaldado por oro (adicionalmente en esta reunión se estableció la creación del FMI y el Banco Mundial). 

Recordemos que previamente el gobierno de USA había adquirido el control total del oro al arrebatárselo a la ciudadanía, ahora todos los países importantes del mundo fijaban su moneda nacional al dólar americano. Así el cerco del estado sobre el dinero comenzaba a cerrarse pero todavía faltaba una estocada final.

El 15 de Agosto de 1971 el presidente de los Estados Unidos, Richard Nixon, declara el fin del patrón oro. El mundo entraba entonces en el sistema FIAT.

### ¿Qué paso desde 1971?
Desde la salida definitiva del Patrón oro el mundo ha experimentado un gran cambio en las tendencias que hasta ese momento se observaban. El sitio https://wtfhappenedin1971.com/ se encarga de recopilar algunos de los cambios mas significativos tales como:

Productividad

![](https://m.stacker.news/39568)

Crecimiento de los ingresos

![](https://m.stacker.news/39569)

Inflación 

![](https://m.stacker.news/39570)

Deuda estatal

![](https://m.stacker.news/39571)

Polarización política (USA)

![](https://m.stacker.news/39572)

Hasta acá pareciera que nuestro futuro es negro.

Pero no, ¡hay esperanzas!

# ¡CONTINUARA!

¿Qué es Bitcoin? | 1ra parte: La historia del dinero

fierillo

nostr

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Just another MagicStore selling Bitcoin stickers

![](https://imgprxy.stacker.news/gAAJz3zaBY2qmdK7Yt25XIuiGsV0mpkK_kF1y2ys-y4/rs:fit:600:500:0/g:no/aHR0cHM6Ly92ZWludGl1bm8ud29ybGQvd3AtY29udGVudC91cGxvYWRzL3NpdGVzLzk5LzIwMjMvMDkvRW4tbGFzLXZhc3Rhcy1sbGFudXJhcy1kZS1CaXRjb25pYS0yLmpwZw)

In the colorful lands of Bitconia, where bustling cities and peaceful villages lived together, people went about their lives using traditional forms of money. Coins clinked and bills creaked in pockets as the sun shed its warm light on the world. However, in the middle of this family scene, there was a sense of curiosity floating in the air.


In the heart of Bitconia lived a lively young woman named Aria. With her bright eyes and insatiable curiosity, Aria was known all over the place for her love of exploring the unknown. Every day, he ventured into small crossings, finding hidden corners and secret places where no one else dared to go. But one day, his adventure took an unexpected turn.

![](https://imgprxy.stacker.news/YYlJGeKhv5sW-J-2Yx8A2Y7tgkrRNhZkNdOODEYlfmw/rs:fit:600:500:0/g:no/aHR0cHM6Ly92ZWludGl1bm8ud29ybGQvd3AtY29udGVudC91cGxvYWRzL3NpdGVzLzk5LzIwMjMvMDkvRW4tbGFzLXZhc3Rhcy1sbGFudXJhcy1kZS1CaXRjb25pYS5qcGc)

Aria had been hanging around the local market when something caught her attention. It was an old and dusty book hidden in a corner of a stall. The pages of the book were full of stories from a distant land called “ Bitconia ”. As Aria flipped through the pages, she learned about a magic coin called Bitcoin that existed only in the digital realm.

Bitcoin, the book said, was like a treasure hidden in the vast expanse of the internet. It could be sent from one person to another without the need for banks or intermediaries. Aria's heart was beating with excitement as she imagined a world where money traveled through invisible paths, similar to the stories she read in fairy tales.

![](https://imgprxy.stacker.news/-VQub8R94z4efhhncz1MqAsyk_CrypnAmtOAxbb4-TI/rs:fit:600:500:0/g:no/aHR0cHM6Ly92ZWludGl1bm8ud29ybGQvd3AtY29udGVudC91cGxvYWRzL3NpdGVzLzk5LzIwMjMvMDkvRW4tbGFzLXZhc3Rhcy1sbGFudXJhcy1kZS1CaXRjb25pYS0zLmpwZw)

That night, as the stars shone in the sky, Aria couldn't help but dream of Bitconia. He imagined a land where people used digital wallets and secret codes to unlock their treasures. He envisioned cities illuminated by the brightness of computer screens and markets full of merchants exchanging digital coins. And on this earth, she dreamed of a journey that would take her beyond the limits of her own world.

With the promise of adventure in the air, Aria closed the book and carefully placed it under her pillow. While falling asleep, she whispered to herself: _“I am going to find Bitconia, and I am going to witness Bitcoin's magic for myself ”_.

![](https://imgprxy.stacker.news/bvlFypZtQ2C5Sdk7mTV20MfHgAiPXxyz7brmJryTngk/rs:fit:600:500:0/g:no/aHR0cHM6Ly92ZWludGl1bm8ud29ybGQvd3AtY29udGVudC91cGxvYWRzL3NpdGVzLzk5LzIwMjMvMDkvTGV0cy1nZW5lcmF0ZS1pbWFnZXMtZm9yLWEtc3Rvcnlib29rLW9mLWEtc3RvcnktaS0xLmpwZw)


And so, the stage was set for Aria's extraordinary journey, one that would lead her to meet Miners, Merchants, Developers, Guardians and the wonders of a world where digital coins had the power to change lives. Unknowingly, his search for Bitconia would reveal the most charming secrets of a new era, where a decentralized digital currency would revolutionize the way people viewed and used money forever.

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Read the original story in [Spanish](https://veintiuno.world/libros/libros-para-ninos/el-maravilloso-mago-de-bitconia/capitulo-1-el-comienzo-de-la-aventura/)
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- - -
` C O M I N G    S O O N `
# Chapter 2: The Quest for Bitcoinia
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Chapter 1: The Beginning of Adventure

![](https://imgprxy.stacker.news/0RoIm8on9S1OvXIFVvcLZ3VdxKaCqiBLbwaQXmg3Pq4/rs:fit:600:500:0/g:no/aHR0cHM6Ly92ZWludGl1bm8ud29ybGQvd3AtY29udGVudC91cGxvYWRzL3NpdGVzLzk5LzIwMjMvMDkvNTAwZTI2NDYtYjg3NC00ZGNmLWIzYTctNzFlNzY4MmY2MDYwLmdpZg)

The sun was rising over Bitconia, casting a golden glow over the land as Aria awoke with a renewed sense of purpose. She knew her journey to Bitconia would be unlike any other adventure she had embarked on before. With the book on Bitcoin clenched in her hand, she set out on her quest, her heart pounding with anticipation.

As Aria ventured through the meadows and forests of Bitconia, she encountered people from different parts of the world. Each person seemed to have a unique story to tell, and Aria soon realized that Bitcoin had taken root in the lives of people everywhere. She met Miners clustered around computers, working diligently to solve complex puzzles and earn new Bitcoins.

_"Bitcoin mining," they explained to Aria, "is like searching for hidden treasure in the digital world. When we solve these puzzles, we are rewarded with new Bitcoins. It's a way to create something valuable out of mathematical challenges."_

Aria marveled at their dedication and determination, and realized that these Miners were like modern-day fortune seekers, seeking their fortune in the virtual mines of the internet. They were contributing to the creation of this magical currency, piece by piece, block by block.

Continuing her journey, Aria encountered Traders who were busy buying and selling Bitcoins. They explained to her how the value of Bitcoin could go up and down, just like the prices of items in a market. Aria watched as they traded their digital currencies, hoping to make a profit by timing their trades just right.

_"Bitcoin trading is all about understanding the market and predicting its movements," said one Trader. "It's like a big dance where everyone is trying to keep up with the digital world."_

Aria was fascinated by her skill and intuition. She realized that Bitcoin was not only a form of currency, but also a source of opportunity and challenge for those who dared to venture into the world of trading.

As Aria continued her journey, she met Developers who were building amazing things using the technology behind Bitcoin. They showed her apps, games and platforms that used the blockchain, a special type of technology that recorded all Bitcoin transactions. Aria learned that the blockchain was like an unbreakable chain of information, ensuring that every Bitcoin was genuine and valid.

_"The blockchain is like a digital ledger that records every transaction in a way that cannot be altered," explained one Developer. "It is the foundation of trust in the Bitcoin world."_

Aria marveled at the creativity of these Developers, realizing that they were shaping the future with their innovative ideas. As she listened to their stories, she began to see how Bitcoin was not just about money, but a whole new way of thinking and creating.

With each encounter, Aria's understanding of Bitcoin deepened. Miners, Traders and Developers all played a role in the fascinating world of Bitconia. And as Aria continued her journey, she couldn't help but feel that she was on the verge of something extraordinary. Little did she know that her adventures were just beginning and that the magic of Bitcoin would soon reveal its most enchanting secrets.
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Read the original story in [Spanish](https://veintiuno.world/libros/libros-para-ninos/el-maravilloso-mago-de-bitconia/capitulo-2-en-busca-de-bitconia/)
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Chapter 2: The Quest for Bitcoinia

21 Días de Bitcoin 🟠 the Spanish version of the email course!

### In a world so similar to ours, there exists a land called "Bitconia," where traditional coins have given way to an entirely new form of money: Bitcoin. Join Aria, a curious and adventurous young girl, as she embarks on an unforgettable journey through Bitconia, a place where the value of Bitcoin intertwines with the lives and dreams of people from all corners of the world.

In her odyssey, Aria will encounter diverse characters and scenarios, each representing a unique faction of Bitconia. From the Miners who unravel digital enigmas to earn Bitcoins, to the Innovators who transform technology into unprecedented opportunities. Aria will discover how the Guardians protect security and privacy, while the Builders forge a decentralized future.

As Aria explores Bitconia, she will uncover a world where digital currency becomes much more than a simple medium of exchange. She will experience the unity of Bitconia in a celebration that transcends borders and differences, and learn how the power of Bitcoin changes the way people interact, trade, and envision the future.

"The Wonderful Wizard of Bitconia" is a tale that blends magic and technology into a captivating narrative that will inspire readers of all ages. Through Aria's adventures, readers will discover how the world can be transformed by innovation, collaboration, and belief in a brighter and more equitable future.
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**Chapter 1: The Digital Dawn**
Once upon a time, in a world not so different from ours, there was a land known as "Blockchina." People in Blockchina had always used traditional money like gold and paper currency. But one day, a new kind of money appeared, and it was called Bitcoin. It was like digital treasure that could be sent from one person to another over the internet. In Blockchina, there lived a young girl named Aria. She was curious and loved exploring the world. One sunny morning, she discovered a magical book that told tales of a land beyond imagination. This land was called "Bitcoinia," and it was said to be a place where Bitcoin was the key to everything.

**Chapter 2: The Quest for Bitcoinia**
Aria was determined to find Bitcoinia and see the wonders it held. She embarked on a journey, meeting people from different corners of the world. Along the way, she encountered Miners who worked hard to create new Bitcoins by solving complex puzzles. She met Traders who bought and sold Bitcoins, hoping to make a fortune. She also met Developers who built amazing things using the technology behind Bitcoin.

**Chapter 3: The Enchanted Exchange**
As Aria's journey continued, she reached the city of Exchangia. Here, people traded all sorts of things for Bitcoin. She saw farmers exchanging fresh produce, artists selling their masterpieces, and even teachers offering online classes. Aria realized that Bitcoin had become a universal language that united people from all walks of life.

**Chapter 4: The Guardians of Security**
On her way to Bitcoinia, Aria met a group known as the Guardians. They were like the protectors of Bitcoin, making sure it was safe from hackers and thieves. Aria learned about the importance of private keys and secure wallets. The Guardians taught her that responsibility was the key to keeping her Bitcoin safe.

**Chapter 5: The Decentralized Council**
In a faraway village, Aria met the members of the Decentralized Council. They were like wise elders who made decisions about the future of Bitcoin. Each member represented a different region of the world, and they worked together to make sure Bitcoinia remained a place of fairness and opportunity for everyone.

**Chapter 6: The Adoption Parade**
Finally, Aria reached Bitcoinia. It was a land filled with technological marvels and bustling markets. People were buying, selling, and exchanging using Bitcoin. Children were learning about Bitcoin in schools, and artists were creating incredible digital art. It seemed like the whole world had embraced the magic of Bitcoin.

**Chapter 7: The New Era**
Aria returned to Blockchina with a heart full of stories and experiences. She shared her adventures with her friends and family, and soon, the magic of Bitcoin began to spread. People started using Bitcoin for everyday transactions, and businesses started accepting it as payment. Blockchina transitioned from the gold standard to the Bitcoin standard, embracing the digital revolution that promised transparency, accessibility, and innovation for all.

And so, in the land of Blockchina, the magic of Bitcoin brought people together, reshaping the way they lived, worked, and traded. Just as Aria had discovered the wonders of Bitcoinia, the world had discovered a new era of financial freedom and possibility.
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`NOTE: This is just an idea for a little story that we'll be continued publishing in the coming days. It is a translation from the original Spanish version (link below), so please let us know if you find any error or if you have any suggestion on how we could improve it. Thank you for reading`
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Link to [original Spanish story](https://veintiuno.world/libros/libros-para-ninos/el-maravilloso-mago-de-bitconia/)

The Wonderful Wizard of Bitconia

# Bitcoin Privacy
## Privacy versus anonymity
Bitcoin is usually associated with black markets, and as the tool of bad people because of its anonymity or privacy. But this is not the complete picture, and far from the truth.

First we need to distinguish between private and anonym transactions. 
- **anonym transaction**: no identity is connected to a transaction, so it is not known which real person made it.
- **private transaction**: only transacting parties know about the transaction, and its details.

**Cash** is the most private and anonym payment solution. Only transacting parties know about the transaction, and its details. When cash appears at someone's pocket, it is impossible to know where it came from. This property makes it possible to lose cash on the street, and anyone can start to use it without really knowing whose it was. So cash shall be assumed to make bad transactions.
 
**Wire-transfer or card** has lower anonymity and privacy than cash. The identity of the sender and receiver is attached to each transaction, so it is not anonym at all. Also a third party knows about it, so it is not fully private. Although not every people on earth can know each of your transactions, but at least the ones the third party shares this information with.

**Bitcoin** on the other hand is pseudo-anonymous and transparent. 
- **Pseudo-anonymous**: We can know all of the transactions one bitcoin address/person makes, however we don't know his identity. We don't know who that person is.
- **Transparent**: Each transaction is broadcasted to the network for each participant to see it.

This means, bitcoin is not private by default, but has higher level of anonymity than wire-transfer or card payments. See following diagram for comparison:

![Privacy vs Anonymity](https://i.imgur.com/H8fCm3t.png)

This introduces the following problem:
- Once the identity of an address is revealed, all of its transactions can be tracked by anyone, because the blockchain is public as discussed in transparency.

This can happen in different ways:
- Your transaction history is revealed for each of your transaction partners. Imagine you buy something online at a shop. The shop owner will receive bitcoin from your address, so he can associate you with your address. From this point on, he can track all of your transactions that you already made and you will make.
- You share your bitcoin address publicly. 
- Your IP address gets connected to your bitcoin address, and based on your IP, your rough location is known. Also you have KYC-ed when you bought your internet, so your ISP (Internet Service Provider) could connect your bitcoin to your identity.
- A business may share their bitcoin address, where they accept bitcoin. Then if you share that you visited that place multiple times, the transactions of their bitcoin address could be analyzed to find the address that paid there on those days.
- Publicly available bitcoin addresses are decreasing the number of unknown addresses helping the analysis of identity.
- You buy bitcoin on a KYC-ed exchange.
- You send bitcoin from an address with leaked privacy.
- etc

So there are several ways that can break your privacy with bitcoin.

Does it mean we shall stop using bitcoin if we don't want our local grocery shop owner to know our online shopping habits? Short answer is **no**. Solutions are listed below.

## Solutions
The solutions are education, and careful usage of bitcoin. We need to get used to the unprecedented level of transparency that comes with bitcoin, if we want to use it. So let's dive in.

### Use addresses only once
Bitcoin gives the possibility to have infinite amount of addresses. Also you don't need to do anything special to get a new address. You can generate a new one locally without any third-party. 

So a good way to increase your privacy is to only use an address once. If you want to receive bitcoin again, just generate a new address.

Good wallets do this by default, but please check this, when you start to use a new wallet.

### Care with sharing online
If possible, don't share your bitcoin address online. Only share in case you would like to receive public donations.

If you do so, always remember, that if you send bitcoin to another address, it will be connected to you as well.

Also better not to share any information about your transactions, because that could help the on-chain analysis to find your addresses.

### Hide IP address
Be sure to use VPN or Tor network when you deal with bitcoin. Meaning if you would like to use a service, where you have to share your btc address, use VPN or Tor, otherwise they will be able to connect your address with your IP. 

Also a good solution to hide even your node's IP address behind a VPN or Tor.

### Mixing and Coinjoin
Use mixing or coinjoin when you send bitcoin. Using them can break the connection between the sender and receiver. It achieves this by bundling multiple transactions with the same amount, so that it won't be obvious who sent the bitcoin to whom.

Be careful, because you have to trust a service or a third-party to do this.

Also using these methods can help to break the KYC connection to your bitcoin. Do coinjoin a few times on your bitcoin while you send them to your new address to make them KYC free or just buy them KYC free.

## Conclusion
While bitcoin may seem an anonymous and private solution, you might need to do some extra steps to achieve it.

You can use new addresses each time to receive bitcoin, so that your past transaction does not reveal your identity. So by using new addresses each time, you increase your privacy for bitcoin receiving. Also if you use an address to receive and send once, you won't share your entire bitcoin history with the one's you transact with, only the history of that 1 or more addresses.

You can use mixing and coinjoin to send bitcoin to your own other addresses, or to buy stuff, to increase the privacy of your bitcoin sending. This way, the receiver won't be able to easily connect who the real sender address was, so your transaction history is not shared.

Additional steps could be using VPN or Tor to deal with bitcoin, because even wallet applications could log your IP and sell this information to other people for profit. So be careful revealing your IP.

Last but not least, do not share your address online, because that is the easiest way to degrade your privacy.

Bitcoin Privacy

CodePsychology

# The unsung Heroes of Bitcoin, Cryptography

I'm writing this post directed at Bitcoin enthusiasts that are not cryptographers. If you are a programmer you might have heard of some of these names. 

The brilliance of Bitcoin is imo how Satoshi did not invent a new building block but elegantly combined preexsisting classics of cryptography. Standing on the shoulders of giants. But every story about giants has its side characters. 

So, let's take a look at the side figures in the development of cryptography:

## Vigenere

![Vigenere](https://upload.wikimedia.org/wikipedia/commons/1/1a/Vigenere.jpg)

One of the most foundational achievements in Cryptography is the concept of perfect security (in symmetric encryption). It is mainly attributed to the One Time Pad nowadays. But Vigenere reached almost the same conclusion based on letter-permutations instead of bitwise xor in the 1500s without the theoretical groundworks that the later One Time Pad had.

Everybody in cryptography knows Claude Shannon. He was for sure a great man creating the very foundations for modern cryptography but he's not as underrated. Other notable figures in this field are Frank Miller, Gilbert Vernam etc.

## Kerckhoff

![Kerckhoffs](https://upload.wikimedia.org/wikipedia/commons/8/83/Auguste_Kerckhoffs.jpg)

In the 1800s Kerckhoff formulated the principle that all cryptographys security should only be based on the key and not the system. He said it a little differently but the thought still stands.

> « Il faut qu’il n’exige pas le secret, et qu’il puisse sans inconvénient tomber entre les mains de l’ennemi. » 

## Friedman

![Friedman](https://upload.wikimedia.org/wikipedia/commons/thumb/f/fc/William-Friedman.jpg/800px-William-Friedman.jpg)

William Friedman broke "code purple" in WW2 which was not only instrumental for the free world winning against the Japanese  but also maybe the reason cryptography came into institutions, universities and companies in the US.

Everybody knows about Alan Turing inventing basically modern computers to beat the Nazis, few people know about William Friedman and his later to be wife Elizebeth Smith basically reinventing cryptoanalysis from scratch.

Another funny story about Friedman: His first employer was a millionairs playground who didn't know anything about cryptography and basically thought it wasn't important but very fun and interesting to pour his endless wealth into.

## Adleman

![Adelman](https://upload.wikimedia.org/wikipedia/commons/thumb/a/af/Len-mankin-pic.jpg/573px-Len-mankin-pic.jpg)

Everybody has heard about RSA . But even a lot of people that know the brilliance of prime factorization based crypto don't know why we talk so much about Rivest and Shamir and so little about Leonard Adelman. Sure, especially Shamir has achieved a lot a lot more - he's basically the DaVinci of crypto...

Have you evere wondered why "RSA" isn't alphabetically?

In the development of RSA Rivest and Shamir were inventing new ideas and algorithms all the time and then running over to Leonard Adelman who was trying to break it or build a mathematical proof around it. It's the underrated job in this development process. But not at all less important. Certainly not so much less important to write his name last.

I think Adelmans contribution to humankind is so underrated, don't forget him when mentioning Whitfield Diffie, Martin Hellman, Adi Shamir and Taher Elgamal.

## Chaum

![Chaum](https://upload.wikimedia.org/wikipedia/commons/thumb/8/82/David_Chaum_at_Web_Summit_2022.jpg/1280px-David_Chaum_at_Web_Summit_2022.jpg)

David Chaum might not be as unknown to non-cryptographer Bitcoiners here. Basically Chaum introduced in 1990 anonymous eCASH with his company DiGiCash. It did not *really* solve the double spend problem and it was still a centralized currency. But he was so far ahead and he is the godfather of all that came later. He almost cashed out big with Microsoft but did not because he had idiotic demands. I can't speak for his actions after 2009, some of you guys probably have opinions about that.

## Ulbricht

![Ulbricht](https://upload.wikimedia.org/wikipedia/commons/thumb/4/4f/Ross_Ulbricht.jpg/800px-Ross_Ulbricht.jpg)

The founder of Silk Road. Why is his contribution to Bitcoin underrated in my opinion? Because Bitcoins early days were highly dependent on people who ugently needed Bitcoin. For most of us the need for a decentralized hard money is a goal in pursuit of noble ideals. For Silk Road users it was an urgent necessity. 

## You

okay, you know what cringe paragraph comes here. Blabla, you get the point

This was a fun writeup for me. I still know a lot of other stories that I want to tell, I could write a second post if you liked this one

The unsung Heroes of Bitcoin, Cryptography

tomlaies

Daily discussion thread

saloon

Finding the way to deliver bitcoin/sats microloans to people in need! Have a look at [🌱Ahoro.org](https://Ahoro.org) at the moment we are integrating the Lightning payments and soon onChain will be available soon at checkout with BTCpay integration.

Also looking to improve the borrower experience, as at it's buggy because developed with minimal resources. Your feedback it's much appreciated here too

# Operation Saylor Episode - 1/120

Hi there, welcome to Operation Saylor series.

I have decided to take a loan to invest in Bitcoin. I will make a series of monthly updates here to track the evolution of this operation I have dubbed Saylor (in honor of [Michael Saylor](https://twitter.com/saylor), whose bold bet on Bitcoin and willingness to promote it where strong inspirations for this adventure).

My goal with sharing this experience is to allow everyone to learn whatever can be learnt from my plan and execution. I draw inspiration from [Jamespunk's great blog on his bitcoin DCA path](https://er-bybitcoin.com/), which was and is a great example of how a real life, first person narration can be very instructive. I hope this series can fulfill a similar role for this different investment approach.

As this is the first episode, I'll provide some context so that you understand better this and future updates.

## The Operation

On July 2022, I took a loan with my usual bank. This is an uncollateralized personal loan with a fixed amortization schedule. The main figures:

- Principal: 33,000€
- 120 installments in 120 months (10 years)
- APR: 5.99%, APY: 6.16%
- Each installment will be of 366.20€
- Total interest paid will be 10,944.33€
- Early amortization penalty of 1%
- No opening costs

As this loan has no collateral, there is no margin call or liquidation of any sort. The loan is completely orthogonal to whatever the evolution of bitcoin's price is.

During the first six months, my plan is to swap 5.000€/month into bitcoin. I do this instead of simply lump-suming everyting today to softly minimize the risk of picking a terrible entrypoint.

After these six months, I will have a bitcoin stack of a certain amount and around 1.000€. From that point on, the plan is to:

- Pay the installments each month.
- Whenever the € stash goes very low, sell a bit of bitcoin back for € to pay for the next installment. Goal here is to keep as much value in bitcoin as possible and only go back to € tactically to cover the installments.
- Repeat until 10 years have passed and the loan is paid backed.

As time passes, two scenarios can take place:

- In the SHTF (shit hits the fan) scenario, the bitcoin stack of Operation Saylor goes dry before the 10 years have passed and I am left with 0 btc and some outstanding debt with the bank. I will be forced to keep paying the installments from my personal pocket and Operation Saylor will have turned into a net negative for me. This could happen both in case a black swan completely destroys bitcoin and its value, or simply because bitcoin's market value doesn't go up fast enough to make a net return.
- In the Moon scenario, I manage to pay all the installments by taking small bites of my bitcoin stack and I still have some amount of btc left in the end. If this is the case, I will have successfully earned value with my bet, and I am left with a nice stack of some unknown value. This would happen in a scenario where bitcoin behaves the way it typically has for the past 10 years (or with a slightly watered-down behaviour in terms of both return and volatility, but still trending upwards) and I get lucky with the volatility in the early months and years.

My hope is that Moon scenario will happen, but I am very well aware that SHTF scenario is a serious possibility.

## Are you crazy stupid? Never borrow money for investing

I am aware that there is a not negligible probability of losing several thousands of euros with this operation. But, after carefully judging, I think there is also a significant chance of getting a great upside. After playing with different simulations and hypothesis, I decided that the expected outcome looked net positive and decided to pull the trigger.

I am also taking a calculated risk. Given my personal finances and life circunstances, the SHTF scenario would be a nasty blow but not a death sentence. Even if I get hacked on day 1 and lose all the money, I still expect to have a plate on the table every day and a roof over my head.

## Why make it a series

There are several motivations to doing this.

- Explaning and documenting my plans helps me reflect on them deeply. It's a bit like a peer review, with the only difference I am reviewing my own plans.
- As discussed before, I find personal, real life stories of bitcoiners and their actions fascinating. Macro
  environment analysis, papers, technical and economics books,... They are all great reads. But I think sometimes we also need simple stories from regular people like us, with all the crisp of the real life and down to earth practical issues and details. Bitcoin is, after all, a grassroots, bottom-up phenomenon. It is the small actions of you, me and everyone else which compose the emergent behaviour of the network.
- I think that, on most forums and communities, there is a dogmatic rejection to any kind of idea related to borrowing money for investing. I am the first one to agree that, for most people, most of the time, it is a terrible idea that should be avoided. But it is also my belief that under the right circumstances, it is a valid strategy. And so I am slightly pissed off because this automatic, parrot-like "NeVEr BorRoW tO INvEsT" comments hijack any kind of honest, open-minded debate around this option. I hope that these series can counterbalance this and get people discussing in a calm and thoughtful manner the possibility of doing something similar to what I am doing. If the angry mobs hijack my posts anyway, at least I hope that whoever is curious about the outcomes of taking this seemingly crazy and bonkers course of action can ignore the deniers and simply read my story.

## Why not simply DCA with a part of your salary isntead

I am. This operation happens on top of my already regular DCA schedule. So you could say I am doubling down.

As time passes, comparing Operation Saylor to having DCA-d the amount equal to the paid installments will be an interesting analysis.

## So should I do this as well

The answer that most probably fits your circumstances is no.

But, depending on your personal finances, risk aversion, other investments and what kind of loans and conditions you have access to, there is a chance that borrowing to invest might be a suitable option for you.

I invite you to run your own analysis and put a lot of thinking into this decision. During the series, I will share my own train of thought and the numbers I ran before pulling the trigger.

If you reached this far, thanks for reading. I'll be happy to discuss further in the comment section. You can find below the numbers that I will be posting regularly. I will also post some thoughts/ideas/whatever relevant comes to mind on each episode. But for this month I will close here. I already stole enough of your time and attention.

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## Stats

- BTC stack: 0.2083 BTC
- € stack: 28,000 €
- Current total value in €: 32,761 €
- € into BTC: 5,000 €
- Paid back to bank: 0 €
- Outstanding debt: 43944.33€
- Installments to go: 120

