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Academy Beginners Tutorial Article

What is Bitcoin?

2019.11.05 limin.zhang

Bitcoin is a new currency created in 2009

The idea was to produce a mean of exchange without central authority,

that could be transferred electronically in a secure

verifiable and immutable way.

The primary value proposition is that

there is no government, institution or other authority controlling.

Owners are anonymous.

The supply is tightly controlled by underlying algorithm

Small number of new Bitcoins

keeps on trickle out hourly and diminish

when the rate of maximum 21 million has been reached.

Bitcoin transactions cannot be reversed

because there is no central “adjudicator”

It can only be modified when an hour has passed

and it was recorded on network

The smallest unit of a bitcoin is called a satoshi.

This could conceivably enable micro-transactions

that traditional electronic money cannot

making everyday purchases easier.

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