Bitcoin is in the news, usually with some startling information about some guy tossing out his old computer for recycling with his only bitcoin wallet on the hard drive. His old wallet has the only access to hundreds of thousands of dollars’ worth of bitcoin. And it’s gone. Or you read the predictions about the…
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In November 2008, Satoshi Nakamoto published a white paper that began “Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments.” The solution, as Nakamoto saw it, was an electronic cash system “based on cryptographic proof instead of trust, allowing any two willing…
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Built into the bitcoin protocol from the beginning was a limit to the number of coins that will ever be created. The limit is 21 million. Technically, the limit is 20999999.9769, short of 21 million by 3 bitcents. Without a limit to the possible number of bitcoins, they would become like fiat money and decrease…
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