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Author: Patrick Ulrich

Bitcoin: What Is It and why Is It Important?

In 2009, Satoshi Nakamoto unveiled his original Bitcoin whitepaper, “Bitcoin: A Peer-to-Peer Electronic Cash System” which detailed the roadmap for what Bitcoin would become. Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is perhaps best described as ‘cash for the Internet’, but Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence. It is also known as digital cash, cryptocurrency, an international payment network, the internet of money – but whatever you call it, Bitcoin is a revolution that is changing the way everyone sees and uses money. The beauty of Bitcoin is that it requires no central servers or third-party clearing houses to settle transactions – all payments are peer-to-peer (P2P) and are settled in about 10 minutes – unlike credit card payments, which can take weeks or months before they’re finally settled. All Bitcoin transactions are recorded permanently on a distributed ledger called the “blockchain” – this ledger is shared between all full Bitcoin “miners” and “nodes” around the world, and is publicly-viewable. These miners and nodes verify transactions and keep the network secure. For the electricity they use to do this, miners are rewarded with new bitcoins with...

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Bitcoin Price Breaks Psychological Barrier of $1,000

Bitcoin’s price has crossed over $1,000 once again. After rising to a high of $1,242 in November of 2013, Bitcoin’s price then receded down over the following years to start 2016 at around $435. It quickly rose to $789 in mid June but again settled back in around $600 until spiking in November. That spike has since led to a steady rise leaving the price just shy of $1,000 until today. While Bitcoin’s price was unable to pass the $1,000 mark in 2016, it quickly changed things by crossing over the barrier on the first day of trading in...

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