This is a quote from the book "Bitcoin: A Peer-to-Peer Electronic Cash System" by Satoshi Nakamoto
...lone copy of a transaction's history.
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The traditional banking model achieves a level of privacy by limiting access to information to the parties involv
ed and the trusted third party. The necessity to announce all transactions publicly precludes this method, but privacy can still be maintained by breaking the flow of information in another plac
e: by keeping public keys anonymous. The public can see that someone is sending an amount to someone else, but without information linking the transaction to anyone. This is similar to the level...