Bank Teaches Clients About Bitcoin

The Next Level of Crypto Adoption: Bank Teaches Clients About Bitcoin 101
Source: iStock/RapidEye

One German bank has an original way to teach its clients about the world’s most popular cryptocurrency, Bitcoin (BTC). It needs only two old-school things to accomplish this: a pen and a paper.

Recently, wrote about the Bitcoin-bullish report published by German bank Bayern LB. We’ve had a chance to talk with the author of the September 2019 report, Senior Economist and FX Analyst in the research team of Bayern LB, Manuel Andersch.

Andersch told us that “’crypto’ is a rather meaningless word” to the Economic Research Department (which is the part of the bank looking into BTC), as the Department is exclusively interested in Bitcoin as an alternative monetary system, but also in the products and additional layers that are built on top of BTC as the base layer, such as the Lightning Network.

“There is a constant interest on the client side to learn more about Bitcoin,” the economist told us. These are the bank’s corporate and institutional clients that want to learn the basics of Bitcoin. This interest prompted the research team to create “a very newbie-friendly workshop,” aimed both at newcomers and those who want to expand their theoretical knowledge with an intuitive and practical experience,” the analyst said. Interestingly, the format of the interactive workshop, aptly called ‘The Bitcoin Experience,’ allows for “a mixture of explanations and interactive simulation of the Bitcoin network” to be used in order to explain to the newcomers the basic functionality of Bitcoin – with pen and paper only.

“It’s always fun and it has helped many to understand the basic underpinnings of Bitcoin,” says Andersch, further explaining how the workshop actually works. The participants perform proof of work mining, with prime factorization as the “work,” and they create a blockchain with pieces of paper that relate to each other. They are also faced with a challenge on how to find a consensus…

Source Link