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CASEBITCOIN making the case for bitcoin every day
Bitcoin Marketcap
$1.84T
Gold Marketcap
$15.95T
BTC Settlement Volume (24hr)
$12.90B
BTC Inflation Rate (next 1yr)
1.17%
CASEBITCOIN making the case for bitcoin every day
26 May 2014 | | Price when published: $578.89 (ROI since: +16,670%)
In the old days, accounting was the domain of intra-firm transactions. Double entry enabled the growth of the business empire because internal errors could be eliminated by means of the double-links between separate books; clearly, money had to be either in one place or another, it couldn't slip between the cracks any more, so we didn't need to worry so much about external agents deliberately dropping a few entries.
Beyond the firm, it was caveat emptor. Which the world muddled along with for around 700 years until the development of electronic transactions.
...
Triple-entry addresses this issue by adding cryptography to the accounting entry. In effect it locks the transaction into a single electronic record that is shared with three parties: the sender, the receiver and a third party to hold & adjudicate. Crypto makes it easy for them to hold the same entry, the third parties makes it easy to force the two interested agents not to play games.
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