We shared a fair bit about Bitcoin in our last article.  Let’s re-visit the key concepts based on the following scenario. Today, you want to transfer $100 to your friend. First, you instruct your bank to deduct $100 from your bank. Then, your friend’s bank adds the $100 to your friend’s bank account balance. Essentially, you make use of an intermediary, or a central authority to do the work for you. The bank is also responsible for updating the ledgers: if you initially had $10,000 in your bank account, you’ll have $9,900 now. But in our previous article we asked the question: “Can we trust these intermediaries?” What if your bank losses the records? What if someone hacked into the bank and steal your money, perhaps by performing some transaction? How do you prove to the bank that you had $9,900 and that you did not authorise that transaction? ...