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Diane Publishing Books
Bitcoin: Technical Background and Data Analysis
Anton Badev (au); Matthew Chen (au)
Broadly speaking, Bitcoin is a scheme designed to facilitate the transfer of value between parties. Unlike traditional payment systems, which transfer funds denominated in sovereign currencies, Bitcoin has its own metric for value called bitcoin (with lowercase letter думb,дуќ abbreviated as BTC). Bitcoin is a complex scheme, and its implementation involves a combination of cryptography, distributed algorithms, and incentive driven behavior. Moreover, Bitcoin operations may involve risks whose nature and proportion are little, if at all, understood. The purpose of this study is to provide the necessary technical background to understand basic Bitcoin operations and document a set of empirical regularities related to Bitcoin usage. Table and figures. This is a print on demand report.
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