114. Why Bitcoin Changes Accounting with Darin Feinstein
The Bitcoin Standard Podcast
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The Innovation of Bitcoin
The way that bitcoin registers the transactions, is an innovation in accounting in its own right. It's an innovation in the science of accounting as it has evolved over the years. Every ten minutes, itself audits every transaction. So guess who's not needed to verify a transaction on the pickcoin network? Humans that conduct reconciliation of transactions,. or humans that conduct audits. And so if your business model depends on the fact that ther're humans conducting transactions that they can commit fraud on, which are lots and lots of people, you're not needed any more to audit this network.
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