Bitcoin: The Underlying Blockchain Technology

July 20, 2017

Bitcoin, which utilizes the underlying technology of all convertible virtual currencies (CVCs), was created by an anonymous user who goes by the name Satoshi Nakamoto. CVCs serve as a digital medium of exchange for goods and services. In his Nakamoto’s white paper, Bitcoin: A Peer-to-Peer Electronic Cash System, Nakamoto believed that the current financial systems were inefficient by requiring a third party ‘clearing house’ (1) to alleviate the risk of fraud through double spending. Nakamoto…

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