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Cryptocurrencies: Is Your Compliance Team Ready to Monitor the New Wave of Trading?

January 26, 2018

Via: Finextra
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So what is Bitcoin anyway?

For those unfamiliar with Bitcoin, here’s a brief primer. Created in 2009 by an unidentified software developer and inventor who goes by the pseudonym of Satoshi Nakamoto, Bitcoin is a form of digital currency that’s created and held electronically. Bitcoins aren’t printed like traditional currency; instead they’re produced by a network of ‘miners’ who create Bitcoins using a complex algorithm. The network of miners and machines (servers) operate independent of any central authority, government, or middle man. The miners receive Bitcoins as a reward for creating them. As they’re created and purchased, the coins are stored in a digital wallet and can be used for transactions, which are then tracked through Distributed Ledger Technology, also known as the Blockchain.

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