The bank guarantees that everything is fine with the money since it stores information about the account’s spending history.īitcoin and other cryptocurrencies replace these background operations and transactions with a distributed and secure database software called blockchain. In this case, they withdraw the money from the user’s account. Intermediaries, bankers, untrustworthy third parties created problems for others by diminishing profits and making transactions more difficult.īitcoin has sought to replace the services provided by these intermediaries with unique code and cryptography.įor example, when a person pays a mortgage, a series of transactions occur in the background between his bank and other financial institutions. Its creator was confident that Bitcoin would compete with real money and ultimately supplant the institutions that affected the crisis. It intends to be the remedy for the injustice and corruption of the traditional financial system. Cryptocurrency emerged shortly after the global economic crisis. Bitcoin was conceptualized as an act of defiance.
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