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Bitcoin
coloradokim edited this page Oct 23, 2017
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from Bitcoin for the Befuddled
- Byzantine Generals’ Problem
- Bitcoin is inherently international
- Bitcoin is the name of the system, bitcoins are the currency
- The system is capped at 21 million bitcoins
- Your 'identity' on the Bitcoin ledger
- A long string of letters and numbers that usually begins with 1
- To move bitcoins from one address to another, you need a private key
- A private key is a long string of letters and numbers that usually begins with 5
- A private key is like a pin number: you have to enter your bitcoin address and your private key to complete a transaction
- A transaction cannot be completed without a digital signature using the private key
- A collection of private keys and addresses that belong to one person
- Most people have multiple addresses so that it is harder to figure out the person behind the bitcoin address