Upon successful completion of this unit, you will be able to:

  • Describe the transactional capabilities of Bitcoin as compared to traditional financial institutions;
  • Discuss potential demand for hard money;
  • Explain the concept of block space in Bitcoin's technology stack;
  • Compare the functions of consumer and central banks to Bitcoin;
  • Explore how second layers on Bitcoin could be a solution for the scaling problem;
  • Explain how the lightning network works as a second layer on top of Bitcoin;
  • Discuss tradeoffs being considered in discussions around scaling the Bitcoin network; and
  • Compare Bitcoin versus gold in terms of cost to hold it, transfer it, and verify it.