Q. What is a "Bitcoin for dummies" summary?
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What is a "Bitcoin for dummies" summary?


bitcoin cryptocurrency description
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Jun, 2018

Cryptocurrency
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  • richard65

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  • kostya1989

    Bitcoin is an alternative type of payment system that is sometimes mentioned in the media. Is it “Internet” or “digital” money? Is it a way to conduct business outside the mainstream financial infrastructure? Is it a new way of life that could transform multiple aspects of society in the future? The answer is yes.

    Origins: Bitcoin was created by developer Satoshi Nakamoto in 2008.

    Purpose: Bitcoin provides a viable decentralized alternative to the current mainstream financial infrastructure.

    Method: Bitcoin enables spending with full transparency through a publicly available ledger known as the blockchain.

    Security: A bitcoin transaction involves both a public key, which is generally known to everyone, and a private key known only to the bitcoin user. No coins can be spent without knowing the private key.


       

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Asked in Category

Cryptocurrency

Cryptocurrency is a secure, trustful and transparent digital currency which can neither be counterfeited nor be reversed arbitrarily by the sender. It eliminates the necessity of a third party involvement for the exchange, as it is encrypted and peer-to-peer virtual currency. For those who prefer non-disclosure and privacy, cryptocurrency is the solution. The use of this kind of virtual currency prevents any kind of identity theft. The concept of cryptocurrency has given birth to reliable e-cash.

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