German Bank Bayern LB Starts Teaching Clients About Bitcoin

The German Bank Bayern LB has a very interesting strategy of teaching its clients about the most popular cryptocurrency in the world, Bitcoin. In the latest bitcoin news today we see how the bank will increase the further adoption of cryptocurrencies.

The senior economist and FX analyst in the research team the German Bank Bayern LB, Manual Andersch explained that crypto is a rather meaningless word to the Economic Research Department since the department is exclusively interested in Bitcoin as an alternative to the current monetary system. Also, the bank is interested in the products and additional layers that are built on top of the Bitcoin blockchain or on Bitcoin as a base layer such as the Lightning Network. He added:

 “There is a constant interest in the client-side to learn more about Bitcoin. 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. 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.

Andersch explained that the overall process has been fund and has helped many people understand the basics of Bitcoin. He also outlined how the workshop actually works and said that the participants perform proof of work mining with price factorization as the ‘’work’’ and they create a blockchain with many pieces of paper that can relate to each other. He said:

‘’They are also faced with a challenge on how to find a consensus about the state of this database in a decentralized network of participants (where nodes are bar tables). In order to illustrate the economic incentives of the Bitcoin system, there are also mining rewards.’’

The pieces of papers with A-Z letter on it will be used as transactions and they will circulate in the room for the nodes to validate them according to the established rules-based on colors. In order to make the calculation for the proof-of-work, all of the participants will have to map the letters to numbers based on the number of the letter in the alphabet.
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When five transactions are finished, the block will be filled and ‘’every node can start with the proof of work puzzle, in order to become THE node that can present its block as the new valid block.’’