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Author Topic: [2017-05-30]What Are “Quindecillions” In A Bitcoin Context?  (Read 3410 times)
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May 30, 2017, 06:43:19 PM

What Are “Quindecillions” In A Bitcoin Context?

You may never hear the word "quindecillions" outside of a Bitcoin context, but it's an important and useful concept for understanding how the cryptocurrency works.

Satoshi Nakamoto’s original paper introduced Bitcoin “as a purely peer-to-peer version of electronic cash (that) would allow online payments to be sent directly from one party to another without going through a financial institution.” Bitcoin brought with it a mechanism that overcomes the inherent weaknesses of the traditional transaction model, which is based on a third-party mediation or trust. These weaknesses create a number of inconveniences in the form of increasing transaction costs, limiting the minimum practical transaction size, and cutting off the possibility to make non-revocable payment. Bitcoin overcomes such flaws, as it’s based on cryptographic proof instead of a ‘trusted’ third party.

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