For those of you who aren’t familiar with the Medici system or family and don’t know why you should be, let me fill you in. In the 14th century, the Medici family fostered one of the most prosperous banks in history and, in turn, became one of the wealthiest families in all of Europe. Their success was due in part to the improvements that they made to the general ledger system by way of utilising double entry bookkeeping. From this point on, the Italian family flourished and garnered a lot of respect and political power to boot until their eventual fall in the 1700s.
Fast forward to the present day and we are still using this ancient method of bookkeeping. Although it’s impressive that such a simple and elegant tool has been able to be used seemingly untouched throughout history, due to the the exponential growth of the human populace coupled with the breakthroughs of the internet age, keeping track of global finances and being able to do so in a timely manner is becoming trickier and the Medici system is beginning to look a little convoluted and antiquated.
Enter the Bitcoin Ledger, a two-column spreadsheet with who owns what, comprising of 12 million rows (one for each person who owns bitcoin) and a second column stating how many each person owns – a total of 14 million bitcoins today. What this provides is a crystal clear public record of who owns what, with the added advantage of making a third party (banks) keeping the record of accounts completely superfluous.
What this does is save a huge amount of time (the transactions being almost instantaneous), money (you lose an incredible amount in transaction fees with cross border payments) and it’s safer (having a worldwide consensus over what cryptographically secure ledger positions are to be swapped, negates the risk of mistake-prone humans filling out individual forms incorrectly).
This is great news for everyone, from huge corporate firms to small businesses and ultimately the individual as well. Any transaction made with the new Bitcoin Ledger offers a simpler, safer and much cheaper option than the archaic and disruptive double entry system.
So it’s no surprise that the world of bitcoin gambling on mobile devices is growing steadily by the day. Users of bitcoin mobile gambling sites are able to feel safe in the knowledge that with the elegant design of the Bitcoin Ledger, their transactions and credits are secure and wholly accounted for.
The Medici family dynasty fell over 300 years ago and whilst their legacy has been invaluable to the development of modern day accounting, it’s time to know when to bow out.