From the course: AI in Fintech Essential Training
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Bitcoin
- [Instructor] You might've heard about Bitcoin, but what is it? Well, the answer is that Bitcoin is the first successful peer-to-peer digital currency. What that essentially means is that Bitcoin is nothing more than a series of letters and numbers on a computer screen. Now, that might not sound normal, right? How can a series of letters on a computer screen have any value? And yet, when you think about a green piece of paper out of your wallet, what is it that gives that value? It's not the fact that it's green. It's not the fact that it's a rectangle or that it has a president on it. Instead, it's the fact that it has a sequence of letters and numbers in the corner which tells the US government, "Hey, we printed this, and it's valid tender." Everything else is incidental. Bitcoin works the same way. The value of Bitcoin is solely driven by the acceptance from that community of users. Now, Bitcoin comes built-in…
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