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Understanding bitcoin and blockchain technology from "summary" of Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond by Chris Burniske,Jack Tatar
Bitcoin, often described as digital gold, is a decentralized form of money that operates on a peer-to-peer network. It was created by an unknown person or group of people using the pseudonym Satoshi Nakamoto in 2008. Bitcoin is based on blockchain technology, which is essentially a digital ledger that records transactions across multiple computers. This ledger is secure, transparent, and immutable, making it a groundbreaking innovation in the world of finance. Blockchain technology ensures that every transaction made with bitcoin is verified and recorded in a secure and transparent manner. This process eliminates the need for a trusted intermediary, such as a bank, to facilitate transactions. Instead, transactions are verified by network participants known as miners who use powerful computers to solve complex mathematical equations. In return for their efforts, miners are rewarded with newly minted bit...
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