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1. Int roduct ion Bitcoin was developed and released in 2009 in response to an inherent flaw in t he way t ransact ions were processed on t he Internet . In his whitepaper, Nakamoto explains t hat ?Commerce on t he Internet has come to rely almost exclusively on financial inst it ut ions serving as t rusted t hird part ies to process elect ronic payments. While t he system works well enough for most t ransact ions, it st ill suffers from t he inherent weaknesses of t he t rust based model?[1] . Since its original incept ion in 2009, Bitcoin has been rapidly adopted into today?s