Bitcoin A Gametheoretic Analysis Micah Warren by Micah Warren 9783110772838, 3110772833 instant download after payment.

The question of how one party can transfer money to another party without physically
exchanging money is an old problem. The most common solution, available for hun-
dreds of years, is to use a trusted third party, like a bank. If a bank is mutually trusted
and has custody of one person’s money, this person can write a check or by some other
means direct the bank to pay their counterparty. A check can be thought of as simply
instructions for the money’s custodian to do something with the money.Such relationships require trust. If the two parties do not use the same bank, there
must be a relationship between the banks. If the banks are in different jurisdictions, this
can be an obstacle.
For many reasons, individuals may want to transmit money without the use of a
trusted third party. They may want to do this at a distance. They may also want to do
this with some level of anonymity. Suppose a network of individuals forms around this
goal: to be able to send money to each other, without doing so in person. Keeping in mind
the notion of a bank cashing a check, there are issues that must be overcome: