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A: That was a pretty weird way to explain cryptocurrency, but I guess you can go back to explaining blockchain now.
B: Well thank you so much.
B: So when people were first seriously discussing the possibility of cryptocurrency, one of the big problems they faced was how you could prove that a cryptocurrency transaction actually occurred.
A: You mean like if I told you I was going to send you a Bitcoin but before I did I made a copy of the Bitcoin and sent you the copy instead?
B: Yeah, or if you promise to send me a Bitcoin but you don’t, but when I complain to other people you tell them I’m lying.
B: The solution, they decided, was to create a ledger that recorded every single cryptocurrency transaction there is, and to make that ledger available everywhere cryptocurrency transactions take place.
A: A ledger? Blockchain is a big bank statement?
B: Pretty much everyone who talks about blockchain will tell you it’s more complicated than that, but effectively yes.
A: So the currency that is based on email and social anxiety carries around a self-updating copy of QuickBooks wherever it goes.
B: I’m pretty sure that explanation will make a lot of people very angry and maybe you get you sued by Intuit, but I’m not saying you’re wrong.