EZ-Pay – Full Node vs. SPV Wallets

Overview When discussing digital currencies, the question is often asked “where is the ‘money’ actually stored?” In the world of fiat currency (US dollars, Euros, etc.), cash stored in your physical wallet is the money. You give a $20 bill to a cashier, and they now have $20. With cryptocurrencies like Bitcoin, the actual currency

What’s in Your Wallet? Understanding Private Key Control

Overview Just like your cash, cards, and ID, your cryptocurrency assets live in something called a “wallet”. Most all forms of digital money implement this concept in some form, and understanding wallets is critical to safely storing and using your favorite digital currency. Much like your physical wallet, your Bitcoin, Monero, or Ethereum wallet gives

BIP39 Mnemonics Made Easy (Part 1 – Backups, Simplified!)

Overview A critical component of cryptocurrency security is the ability for users to easily and efficiently backup the private keys that control access to their funds on the blockchain. Without one’s private keys, any funds in a user’s addresses are irrecoverably lost. However, the nature of early wallets made backing up one’s private keys a

Proof of Work, Explained (Part 2 – A Hash Bash for Techies)

Overview In the last article, we looked at the overall idea of proof of work and its applications. That article covered the origins of this concept, how it works at a high level, and some of its applications. Now, let’s take a look at the technical inner workings of these algorithms. In a nutshell, proof

Proof of Work, Explained (Part 1 – POW for Non-Techies)

Overview Personally, I’m fascinated by both the technical and financial implications of cryptocurrencies like Bitcoin, Bitcoin Cash, and Litecoin (to name a few). The way these currencies work is a complex topic, with lots of moving parts to discuss. One of the core components of cryptocurrencies like Bitcoin is the mechanism by which an entirely

Bitcoin as “Digital Gold” is Bad for Crypto Adoption

“Digital Gold” vs. “Digital Cash” The core Bitcoin network has a scaling problem, and has had this problem for a while now. As more and more transactions try to fit in Bitcoin’s 1MB blocks (once every 10 minutes), network fees have skyrocketed to $5-10 dollars, and that’s even a little low if you want your