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What is Bitcoin? The Complete WIRED Guide
The cryptocurrency represents amazing technological advances. Bitcoin has a way to go before it's a a true replacement for, or even adjunct to, the global financial system.
Before Satoshi disappeared, he handed control of bitcoin's source code to one of the project's earliest contributors, a Princeton alum and former 3D-graphics-software programmer based in Massachusetts named Gavin Andresen. The maintainers of the original bitcoin software platform are working on a solution called the “Lightning Network” that would shift many transactions to “private channels,” to boost speed and reduce costs. The founders of Coinbase have argued that derivative markets could help users cope with the volatility by allowing participants to essentially buy insurance that pays out if the price of bitcoin drops.
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