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BTC To truly understand how Bitcoin works, you should start from scratch. The question about Bitcoin\'s creator remains a mystery today, because ten years after the technology was invented, its creator remains anonymous despite extensive in-depth research by journalists and members of the crypto community.
The operating principles behind Bitcoin first appeared in a white paper published online at the end of 2008, written by an individual or group named Satoshi Nakamoto.
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This white paper is not the first to propose the idea of using digital currencies in the fields of cryptography and computer science. In fact, the book deals with earlier concepts, but it is a unique and elegant solution to the problem of building trust between different online entities, where people can be invisible by using a pseudonym or actually being on the other side of the world (just like the creator of Bitcoin itself).
Satoshi Nakamoto designed two intertwined concepts: the Bitcoin private key and the blockchain ledger. When holding Bitcoin, you can control it through a private key. A private key is a string of random numbers and letters that can unlock a virtual vault containing the purchased goods. Each private key is tracked on a virtual ledger called a blockchain.
When Bitcoin first appeared, it marked a major advance in computer science because it solved a fundamental business problem on the Internet: How to transfer value between two people without a trusted intermediary (such as a bank) in between? By addressing this problem, the invention of Bitcoin has had a wide-ranging impact: As a currency designed for the Internet, it allows cross-border and global financial transactions without the involvement of banks, credit card companies, lending institutions, and even governments. Any two people, no matter where they are, can send payments to each other without touching the gatekeeper, which has the potential to create a more efficient, freer, and innovative open financial system. In short, this is the explanation for Bitcoin. In short, this is the explanation for Bitcoin.
