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February 07, 2018, 11:39:18 PM |
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1.) DIGITALLY DURABLE." It is designed so that only the person who knows private key controls the bitcoin associated with a given public (key) address.
2.) PORTABLE, SENDABLE." Remember that trillion dollars you hold in bitcoin? Well, you can send half of it, for example, to someone else on the other side of the globe in minutes, just like an email. This is something that was never done before so seamlessly and without a middleman.
3.) HIGHLY DIVISIBLE." The ‘satoshi’ is currently the smallest unit of the bitcoin currency recorded on the blockchain. It is one hundred millionth of a single bitcoin (0.00000001 BTC) or $0.00006386 USD at current prices.
4.) DIGITALLY SCARCE." Bitcoin introduced something that has never existed before: the concept of digital scarcity. For example, while most US dollars today come in digital form, more is always created – something that has ballooned the US national debt to over $20 trillion.
5.) DECENTRALIZED & APOLITICAL." This is probably the most important concept introduced by Bitcoin. Whether its a soccer mom or a terrorist, Bitcoin doesn’t care who uses it. It’s simply a technology – a protocol – for transferring and storing value just like the Internet is for transferring and storing data.
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