Why Bitcoin Matters | Andreessen Horowitz

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A Bitcoin transaction is a global speech act that means, roughly, I am provably entitled to this portion, x, of the money supply, and am now transferring it to somebody else, in a language that everybody remembers forever and which can’t be used to lie.

After years of innovative trial and error by many programmers, and through relying on a wide range of technologies, Bitcoin was the first engineering solution that allowed for digital payments without having to rely on a trusted third‐party intermediary. By being the first digital object that is verifiably scarce, Bitcoin is the first example of di