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Bitcoin

In: The Book of Crypto

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  • Henri Arslanian

Abstract

The Bitcoin whitepaper was quietly released to the world in October 2008, when legacy Wall Street firms like Lehman Brothers were collapsing and the global economy tipped into a lengthy recession. This chapter explores the rise of Bitcoin, from Satoshi Nakamoto’s contention that a decentralised, peer-to-peer currency could democratise banking by removing intermediaries from the process and how cryptography was applied to their idea to how Bitcoin’s consensus mechanism (mining) functions. We also explore the gradual rise of the price of Bitcoin over the 2010s and provide several factors to explain increasing rates of retail adoption since the first coin was mined over a decade ago, before closing with a look at the arrival of institutional investors to the space, along with some of Bitcoin’s most pressing contemporary challenges.

Suggested Citation

  • Henri Arslanian, 2022. "Bitcoin," Springer Books, in: The Book of Crypto, chapter 0, pages 45-89, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-97951-5_2
    DOI: 10.1007/978-3-030-97951-5_2
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