Bitcoin, Digital Currency or Online Payment System?
When I first heard of Bitcoin the first image that came to me was of a pirate testing the gold content of a coin by biting it. But, in this case 'bit' refers to binary unit or the smallest unit of information in computing. And of course, coin, refers to the oldest form of currency. Therefore, digital currency. Bitcoin is not without its conflicting aspects. So, I'll use the two sides of the coin analogy to outline the conflicts while trying to describe what Bitcoin is.
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