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The history of Bitcoin and why it's revolutionary

On October 31st 2008, Craig wright released a white paper titled 'bitcoin;a peer to peer cash electronic system.it's purpose is to explain the decentralized electronic payment system based on economics.

The word Bitcoin is used twice in the original white paper (in the title and in the web domain). and goes on to describe an electronic system of transaction without relying on trust.governing the system are fixed protocols that utilizes an inmutable blockchain.

The medium of exchange for the system is a digital coin.in essence, Bitcoin is a triadic that comprises on fixed protocols,a digital coin and an inmutable blockchain forming an electronic cash system that works as peer to peer exchange.

To put it simply; Bitcoin's opened source code is reviewable and useable by anyone.

why is Bitcoin revolutionary?

While online anarchist will have readers to believe Bitcoin will overthrow fiat currency while some reasonable people believe that Bitcoin is a censorship resistant, anonymous digital currency that is free form seizure,both are incorrect.

Bitcoin is not anonymous;it private and has an open inmutable ledger.it allows privacy as only the address is public,but this means that that activities are examinable to discourage illegal activity.

Content created and supplied by: Nwatu (via Opera News )

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