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The Greatest Bitcoin Explanation of ALL TIME (in Under 10 Minutes)Nakamoto described Bitcoin as a �purely peer-to-peer version of electronic cash.� The white paper caused a sensation�especially in the investing community�since. Although Bitcoin was the first established cryptocurrency, there had been previous attempts at creating online currencies with ledgers secured by encryption. Bitcoin was first introduced in as a decentralized currency without the need for a central bank or any intermediaries. It can be sent to.