IDs, or social security numbers, bitcoin connects buyers and sellers through encryption keys. Because bitcoin is so new and decentralized, there is plenty of murkiness and many unknowns. Once a transaction hits the blockchain, it's final.
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His stated goal was to create "a new electronic cash system" that was "completely decentralized with no server or central authority." After cultivating the concept and technology, in 2011, Nakamoto turned over the source code and domains to others in the bitcoin community, and subsequently. In 2013, after the FBI shut down Silk Road, a darknet site where people could buy drugs and other illicit goods and services, it took over bitcoin wallets controlled by the site, one of which held 144,000 bitcoins. Next Slide 14 Things You Need to Know About Bitcoin Support from a big financial institution Image credit: Nicholas Pfosi Getty Images In August 2017, Fidelity Investments became a rare standout among financial institutions in embracing Bitcoin and other cryptocurrencies. When you wake up in the morning, you know pretty precisely how much a dollar can buy. Next Slide 14 Things You Need to Know About Bitcoin Celebrities want in Image credit: Stefan Hoederath Redferns Getty Images Celebrities have also expressed enthusiasm for the cryptocurrency.
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