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Bitcoin: No Trust Needed
Information Today - Medford
Subjects: United States; Software & systems
Author: Griffin, Donovan
Date: May 2014
Start Page: 1
Pages: 3
Section: FEATURE
Abstract (Document Summary)

Ever since the media caught wind of bitcoin, coverage of the electronic payment system has tended to focus on the scandalous aspects of its use, including its role in facilitating transactions for the deep web marketplace Silk Road, the collapse of and their from the once-dominant exchange site Mt. Gox, and the bungled scoop outing bitcoin's pseudonymous creator Satoshi Nakamoto by Newsweek, which misidentified California engineer Dorian Satoshi Nakamoto. Bitcoin is most often described today as a cryptocurrency, but Nakamoto's original paper mainly refers to the concept as electronic cash or an electronic payment system. One of the most important aspects of this electronic payment system, unlike prior digital currencies, is its total lack of trust. Nakamoto argues that the entire concept of trust-based systems acts to increase the costs of a transaction, meaning merchants may take more information from customers than they strictly need in order to protect themselves from fraud.

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