A decentralised system for sending money to other people

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Avatar for Partho1120
3 years ago

Most payment systems run on a centralised network. The problem with this is

that you have to incur unnecessary and expensive transaction fees. Usually,

this is done by a central server that keeps track of your balances i.e. your credit

card and/or the banks. It can also take several days for one bank to talk to

another bank and so sending money becomes both expensive and takes too

long.

A programmer calling himself Satoshi Nakamoto successfully found a way to

build a decentralised digital cash system, thus avoiding the need for a

centralised system. He describes it in a surprisingly simple way in his White

Paper for Bitcoin,

which I have added in the Appendix. You should read it

before buying Bitcoin.A decentralised system means the network is powered by its users without

having any third party, central authority or middleman controlling it. Neither

central banks or Governments has power over this system.

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Avatar for Partho1120
3 years ago

Comments

Wow... Awosome...

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3 years ago