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Bitcoin: An Internet of Money
Your guide to the 21st century’s most important development: bitcoin.
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Bitcoin Basics
In order to understand bitcoin, we must first determine the type of financial instrument it represents. Bitcoin is a peer-to-peer digital payment system. As Satoshi Nakamoto, the creator of bitcoin puts it – “an electronic cash system”. Not simply a currency or asset, it is an electronic way of exchanging value across a new economy, one which operates entirely independent of human intervention and 20th century financial infrastructure.
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Cybereconomics
Worldwide, approximately 2.5 billion people do not have a formal account at a financial institution. Access to affordable financial services is linked to overcoming poverty, reducing income disparities, and increasing economic growth. If one third of adults don’t use formal banking systems, can you imagine what a bank account stored in cyberspace will allow them?
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Political Implications
Bitcoin is a powerful weapon in the fight for economic freedom. The difference lies in the idea that this time, the weapon is in the hands of every individual, and made accessible to anyone, anywhere; and that is a most dangerous weapon for the enemies of liberty. How can the state lay claim that they have an inherent right to control that which they do not issue and cannot control?
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Blockchain Networks
Most importantly, bitcoin is an invention in computing science that, for the first time, allows consensus across a distributed network without the trust of a centralized party. The functionality and potential the blockchain technology brings is flexible and applicable to such a great number of applications, most of which we haven’t even begun to comprehend yet, which will disrupt the very nature of peer-to-peer collaboration on a global scale.
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The innovation of bitcoin is perhaps the most important development of the early 21st century. In a span of only 5 years, the digital currency has jumped from being traded at 4 tenths of a penny, to highs of over $1200. In that time, we've seen individuals, government organizations, and large corporation warm up to the idea that bitcoin may be a form of cyber money pundits have been predicting for years.
Outside the control of any centralized institution and owned by no one party in particular, bitcoin sets the stage for something bold and new. Experts describe it as a breakthrough in computing science formulated upon decades of research. Bitcoin operates by open-source and freely accessible technology backed by the mathematics of cryptography, to create a universal ledger of information.
Bitcoin is poised to disrupt an entire swath of industries, holding promises of disruptive, even chaotic scenarios that will endure in the coming years. More swiftly than ever, this transformation will elicit massive changes on the way we work, play, and live. The individuals who study this transformation will have the opportunity to realize wealth accumulation unmatched by any previous time in history. When bitcoin reaches its fullest potential, we will have entered a new era of prosperity, one where the dimensions of intelligence, imagination, and possibility are boundless.
Join us as we explore ... [The Bitcoin Revolution]
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Title: Bitcoin: An Internet of Money
[Click Here to Read Reviews]
Author: [Travis Patron]
Foreword: [Wallace Wood]
Length: 112 pages/32,641 words
Excerpt: [Bitcoin Will End the Nation State]
Last Revision: July 30th, 2015
©2015 [Diginomics Corporation] - all rights reserved.
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