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Bitcoin was the first of a growing number of cryptocurrencies – digital currencies that are created, held, and exchanged electronically. Bitcoin and other cryptocurrencies run on a decentralized network and were created as an alternative to national, or fiat currencies. While the value of any cryptocurrency is extremely volatile, Bitcoin may be more stable than others.
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ELI5 Bitcoin: Bitcoin’s Key Functions Bitcoin is an Open Ledger. Bitcoin’s main function is really quite a simple concept. It’s called an open ledger – a bit like a bank book. All the digital dollars (in this case Bitcoin) that are sent are recorded on this open ledger.
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Bitcoin was the first of a growing number of cryptocurrencies – digital currencies that are created, held, and exchanged electronically. Bitcoin and other cryptocurrencies run on a decentralized network and were created as an alternative to national, or fiat currencies. While the value of any cryptocurrency is extremely volatile, Bitcoin may be more stable than others.
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Bitcoin is a cryptocurrency created in 2009. Marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies.
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Bitcoin mining is a decentralized computational process, where transactions are verified and added to the public ledger, known as the blockchain. Nakamoto explains the working principles of Bitcoin mining in detail in his paper . Bitcoin networking started in 2009 with its unique currency Bitcoin or BTC.
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Cameron Winklevoss is one of the two popular Winklevoss twins. The co-founder of the cryptocurrency exchange Gemini, stated that bitcoin could be worth 40 times its current value. In order to explain why bitcoin could grow up to 40 times, he compared the cryptocurrency market capitalization with the market cap of gold.
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