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ARTICLE · 22 OCTOBER 2015

An Introduction To Bitcoin And Blockchain Technology

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Trying to explain Bitcoin in short form is no easy task, but it greatly helps when one understands what it is—and what it is not.

United StatesFinance and Banking
Gregory Xethalis
Gregory Xethalis
Evan Greebel
Evan Greebel
Jenna Levy
Jenna Levy
Kathleen Moriarty
Kathleen Moriarty
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Robert Claassen
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Trying to explain Bitcoin in short form is no easy task, but it greatly helps when one understands what it is—and what it is not.

Bitcoin is both an information technology breakthrough and an intangible unit of account underpinning a decentralized computer network of users. Bitcoin is not a company or company product, and contrary to many news reports, it is not anonymous and was not built for bad actors. Bitcoin technology began to enter the public discourse in 2011, largely through the association as an anonymous payment system used on illicit and underground websites. As with most innovations described first in tabloid format, the story mischaracterized the breakthrough and failed to touch on the most important and varied potentials of what Bitcoin and its associated "Blockchain" technology promise.

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