Seg22 Bitcoin–Key Concepts








<!– Paragraph before: NEW YORK, Dec. 15, 2015 /PRNewswire/ — Bitcoin is the first successful digital currency. Its success lies in its ability to create consensus for a transaction database, a blockchain, between a large number of independent sources, or nodes. Bitcoin has a number of unique and powerful properties. Envisioned by Satoshi Nakamoto, Bitcoin’s consensus allows transaction between mutually unknown actors without the need for a central authority such as a bank, remittance, or market platform provider, such as Airbnb or Uber. Bitcoin is the first “killer application” for blockchain technology in the same way email was the first “killer application” for the Internet. This Market Insight provides an overview of Bitcoin, its potential use cases, and its current challenges.

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<!– Paragraph After: NEW YORK, Dec. 15, 2015 /PRNewswire/ — Bitcoin is the first successful digital currency. Its success lies in its ability to create consensus for a transaction database, a blockchain, between a large number of independent sources, or nodes. Bitcoin has a number of unique and powerful properties. Envisioned by Satoshi Nakamoto, Bitcoin’s consensus allows transaction between mutually unknown actors without the need for a central authority such as a bank, remittance, or market platform provider, such as Airbnb or Uber. Bitcoin is the first “killer application” for blockchain technology in the same way email was the first “killer application” for the Internet. This Market Insight provides an overview of Bitcoin, its potential use cases, and its current challenges.

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NEW YORK, Dec. 15, 2015 /PRNewswire/ — Bitcoin is the first successful digital currency. Its success lies in its ability to create consensus for a transaction database, a blockchain, between a large number of independent sources, or nodes. Bitcoin has a number of unique and powerful properties. Envisioned by Satoshi Nakamoto, Bitcoin’s consensus allows transaction between mutually unknown actors without the need for a central authority such as a bank, remittance, or market platform provider, such as Airbnb or Uber. Bitcoin is the first “killer application” for blockchain technology in the same way email was the first “killer application” for the Internet. This Market Insight provides an overview of Bitcoin, its potential use cases, and its current challenges.

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Key Findings

<!– Paragraph before: Bitcoin is the first successful digital currency. Its success lies in its ability to createconsensus for a transaction database, a blockchain, between a large number ofindependent sources, or nodes. Bitcoin has a number of unique and powerful properties. Envisioned by Satoshi Nakamoto, Bitcoin’s consensus allows transactions betweenmutually unknown actors without the need for a central authority such as a bank,remittance, or market platform provider, such as Airbnb or Uber. The blockchain is a ledger encompassing the history of every Bitcoin transaction that hasever taken place. It is held and maintained by every node on the network simultaneously. Blockchains are cryptography-based, distributed databases which verify data or transactionacross a network. Blockchain is the technology that supports cryptocurrencies such asBitcoin, but it can support the transaction of any data or digital asset. Applications of Bitcoin range from conventional payment to microfinance, remittances,autonomous software entities, digital resource trade networks, and crowdfunding. Bitcoin is the first “killer application” for blockchain technology in the same way email wasthe first “killer application” for the Internet. Since the conceptual stages of Bitcoin, blockchain technology would clearly find uses farbeyond cryptocurrency. Companies across multiple verticals have been experimenting withthe technology and many have found ways to circumvent its limitations by using otherblockchains for their own particular needs.

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<!– Paragraph After: Bitcoin is the first successful digital currency. Its success lies in its ability to createconsensus for a transaction database, a blockchain, between a large number ofindependent sources, or nodes. Bitcoin has a number of unique and powerful properties. Envisioned by Satoshi Nakamoto, Bitcoin’s consensus allows transactions betweenmutually unknown actors without the need for a central authority such as a bank,remittance, or market platform provider, such as Airbnb or Uber. The blockchain is a ledger encompassing the history of every Bitcoin transaction that hasever taken place. It is held and maintained by every node on the network simultaneously. Blockchains are cryptography-based, distributed databases which verify data or transactionacross a network. Blockchain is the technology that supports cryptocurrencies such asBitcoin, but it can support the transaction of any data or digital asset. Applications of Bitcoin range from conventional payment to microfinance, remittances,autonomous software entities, digital resource trade networks, and crowdfunding. Bitcoin is the first “killer application” for blockchain technology in the same way email wasthe first “killer application” for the Internet. Since the conceptual stages of Bitcoin, blockchain technology would clearly find uses farbeyond cryptocurrency. Companies across multiple verticals have been experimenting withthe technology and many have found ways to circumvent its limitations by using otherblockchains for their own particular needs.

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• Bitcoin is the first successful digital currency. Its success lies in its ability to createconsensus for a transaction database, a blockchain, between a large number ofindependent sources, or nodes. Bitcoin has a number of unique and powerful properties.• Envisioned by Satoshi Nakamoto, Bitcoin’s consensus allows transactions betweenmutually unknown actors without the need for a central authority such as a bank,remittance, or market platform provider, such as Airbnb or Uber.• The blockchain is a ledger encompassing the history of every Bitcoin transaction that hasever taken place. It is held and maintained by every node on the network simultaneously.• Blockchains are cryptography-based, distributed databases which verify data or transactionacross a network. Blockchain is the technology that supports cryptocurrencies such asBitcoin, but it can support the transaction of any data or digital asset.• Applications of Bitcoin range from conventional payment to microfinance, remittances,autonomous software entities, digital resource trade networks, and crowdfunding.• Bitcoin is the first “killer application” for blockchain technology in the same way email wasthe first “killer application” for the Internet.• Since the conceptual stages of Bitcoin, blockchain technology would clearly find uses farbeyond cryptocurrency. Companies across multiple verticals have been experimenting withthe technology and many have found ways to circumvent its limitations by using otherblockchains for their own particular needs.

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Research Methodology—Bitcoin

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Identification of Bitcoin Application Stack

<!– Paragraph before: The Frost Sullivan ICT team drew up the Bitcoin development project and generated a model which encompassed all its component parts.

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<!– Paragraph After: The Frost Sullivan ICT team drew up the Bitcoin development project and generated a model which encompassed all its component parts.

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• The Frost Sullivan ICT team drew up the Bitcoin development project and generated a model which encompassed all its component parts.

<!– Paragraph before: Different projects on the Bitcoin blockchain were considered and divided into component parts.

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<!– Paragraph After: Different projects on the Bitcoin blockchain were considered and divided into component parts.

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• Different projects on the Bitcoin blockchain were considered and divided into component parts.

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Bitcoin Explanation

<!– Paragraph before: The fundamental workings of Bitcoin were extracted into pieces.

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• The fundamental workings of Bitcoin were extracted into pieces.

<!– Paragraph before: These pieces were compiled into a narrative and given an easy-to-understand flow, removingextraneous detail.

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<!– Paragraph After: These pieces were compiled into a narrative and given an easy-to-understand flow, removingextraneous detail.

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• These pieces were compiled into a narrative and given an easy-to-understand flow, removingextraneous detail.

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Use Cases

<!– Paragraph before: The use cases of Bitcoin were brainstormed and brought together under general categories.

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• The use cases of Bitcoin were brainstormed and brought together under general categories.

<!– Paragraph before: Existing and theoretical projects were considered, but categories were limited to use cases possible under the current iteration of Bitcoin development.

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<!– Paragraph After: Existing and theoretical projects were considered, but categories were limited to use cases possible under the current iteration of Bitcoin development.

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• Existing and theoretical projects were considered, but categories were limited to use cases possible under the current iteration of Bitcoin development.

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About Reportlinker

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ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.

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