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The start of the new economy (BTC)
Satoshi Nakamoto's historical bitcoin white paper, 'bitcoin: a peer-to-peer electronic cash system' (2008) was the catalyst for the phenomenal blockchain revolution.
A number of blockchain projects have been significant in the past few years because they have shown the potential of this technology. Bitcoin remains one of the biggest blockchain projects today.
Payments can be made directly by means of bitcoin networks without having to involve a bank. Using proof-of-work, transactions are timestamped by the network, which requires a large amount of CPU power to maintain the longest chain.
It was understood at the time that this peer-to-peer system of electronic cash had tremendous potential to be used to transfer funds, but as a complex concept, it required further investigation before becoming mainstream. There are a number of legitimate and illegitimate reasons why Bitcoin is criticized.
The Bitcoin project has been praised for its efforts to facilitate Internet commerce. Most online transactions are processed by financial institutions. There is a certain percentage of fraud between these institutions, which is regrettable.
An attacker's chance of ever catching up to a chain is analogous to the likelihood that an honest node will ever reach breakeven. (important high) (’bitcoin: a peer to peer electronic cash system', 2008)
Bitcoin proposes a system to prevent double-spending in electronic transactions without relying on trust. It allows for easy management of the network by enforcing any rules and incentives with a consensus mechanism.
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