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Bitcoin, Blockchain, and Bubbles

Bitcoin (BTC) is a decentralized application that enables trust-minimized payments to anyone anywhere in the world. BTC transactions are recorded on a blockchain, which is a distributed ledger controlled by no single entity. A good way to think about BTC is as a computer program that, like any program, simply abides by the rules its creator promulgates.

While BTC is a cryptocurrency, it will not obviate the need for government-backed fiat currencies anytime soon (very likely, never). A currency must fulfill three major functions: (1) medium of exchange; (2) unit of account; (3) store of value. How does BTC perform on each of these dimensions?   Read more by clicking on the article.