Bitcoin—Key Concepts

What You Need to Know About the First Blockchain Application

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Bitcoin is the first successful digital currency. Its success lies in its ability to create consensus for a transaction database, a blockchain, between a large number of independent sources, or nodes. Bitcoin has a number of unique and powerful properties. Envisioned by Satoshi Nakamoto, Bitcoin’s consensus allows transaction between mutually unknown actors without the need for a central authority such as a bank, remittance, or market platform provider, such as Airbnb or Uber. Bitcoin is the first "killer application" for blockchain technology in the same way email was the first "killer application" for the Internet. This Market Insight provides an overview of Bitcoin, its potential use cases, and its current

Table of Contents

Bitcoin—Key ConceptsExecutive SummaryKey FindingsMethodologyResearch Methodology—BitcoinIntroduction to BitcoinBitcoin—An OverviewBitcoin Application StackBitcoin—Blockchain’s First ApplicationBitcoin—The BackgroundA Bitcoin TransactionBitcoin MiningAdding a Block to the BlockchainMining is the Economic Structure that Supports BitcoinBitcoin CryptographyWeaknesses of BitcoinChallenges for Future Bitcoin DevelopmentBitcoin—Use CasesBitcoin Application Stack ExamplesConclusionsThe Final WordLegal DisclaimerAppendixDefinitionsThe Frost & Sullivan StoryThe Frost & Sullivan StoryValue Proposition—Future of Your Company & CareerGlobal PerspectiveIndustry Convergence360º Research PerspectiveImplementation ExcellenceOur Blue Ocean Strategy

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