Updated: Nov 1
A CONVERSATION WITH PENELOPE DARIO, MIA LEE, AND ALEX B
Block chain technology has taken the world by storm over the last 5 years, and it seems like it’s here to stay. As sex workers, we are not strangers to banking discrimination. Decentralized currency offers some alternatives to our traditional financial system. Crypto is controversial and seductive in so many ways and we want the real tea.
So our first question is, how does Bitcoin even work? Let’s talk about its practical applications.
Okay, this will be by far my longest answer. Bitcoin can be broken down into the Bitcoin network, which is based on blockchain, and Bitcoin currency, the tradable asset. The Bitcoin network is a technological innovation and the currency is inherent to that.
The heart of the network is a database that stores transactions by organizing them into groups of records, or blocks, that are then linked together with an algorithm. Each block refers to the one before it. If you try to change or erase any prior records it breaks the math that connects these blocks together, which is what makes blockchain immutable or unalterable.