Bitcoin: Technical Background and Data Analysis

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By Anton Badev (au); Matthew Chen (au)
Year: 2014
Pages: 39
Binding Paperback
ISBN 978-1-4578-6582-4

Product Code: 1457865823

Description

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 äóìb,äó 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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