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Bitcoin isnt the first decentralised money; golden is another case. No more gold can be made, and the ledger of gold - that is, the gold itself - cannot be manipulated or counterfeited. Golds hefty physical nature make it an inefficient and unrealistic currency solution.

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The digital nature of bitcoin, on the other hand, makes it a natural fit for todays tech-driven, connected planet.

Bitcoin is a consensus network that enables a new payment method and an entirely digital money. It's the very first decentralised peer reviewed payment network powered by its own users with no central authority or middleman. From a user standpoint, bitcoin is money for the internet.

Bitcoin can also be seen as the very prominent triple-entry bookkeeping system in existence. Its the first currency that is both decentralised and digital. It's more reliably rare than gold, more transactionally efficient than modern electronic banking, and enables larger financial privacy than money.

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Bitcoin could nevertheless fail for one reason or another, but if it doesnt, it's the potential to be very, very revolutionary.

All bitcoin transactions are recorded on a public ledger called the blockchain. All transactions are then assessed, verified, and confirmed by miners. Miners do this obligation on incredibly powerful computers in exchange for newly minted bitcoin. With tens of thousands of miners contributing to the community, transactions run smoothly, and the network is procured.

Cryptography is an additional safety measure, making it impossible for anyone to spend bitcoin from another users wallet. Cryptography can be used to encrypt a wallet, so it cannot be used with no password.

Bitcoin is not controlled by a central company, bank, or financial institution. For that reason, it cannot be inflated like the dollar. In fact, only 21 million bitcoin can be created.

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To ensure a steady speed of distribution, bitcoins production is modelled on gold mining. As more gold is mined, finding new gold becomes more difficult. Likewise, as more bitcoin is minted, the practice of production becomes more difficult. The final bitcoin will be mined around the year 2140.

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Nobody. The bitcoin network has no owner, just like the technology behind email has no owner. Instead, bitcoin is controlled by all bitcoin users around the globe.

While programmers do work to improve the applications, any changes whatsoever to the base protocol are scrutinised by the many experienced core developers and the entire bitcoin community. All bitcoin users are free to decide on which software and version they use, and, for bitcoin to function properly, these versions have to be compatible.

Bitcoin is the primary application of a concept called cryptocurrency. Cryptocurrency was clarified in 1998 by Wei Dai on the cypherpunks mailing list, which indicated the concept of a new form of money that utilized cryptography - rather than a reliable, central authority - to control its creation and monitor its transactions. .

The first bitcoin specification and proof-of-concept were published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi abandoned the project in late 2010 without revealing anything about himself, herself, or even themselves. The community has since grown exponentially, with thousands of developers working on bitcoin worldwide.

Satoshis anonymity has increased unjustified concerns, many of which check this are linked to the misunderstanding of the open-source nature of bitcoin. The bitcoin protocol and applications are published openly, meaning any developer around the globe can review the code and create their own modified version of the bitcoin software.

Satoshis influence was, consequently, dependant on their ideas being adopted by other people, meaning that they did not control bitcoin. As such, the identity of bitcoins inventor is most likely as relevant today as the identity of the person who invented paper.

Bitcoin () is a cryptocurrency, a form of electronic money. It's a decentralized digital currency without a central bank or single administrator that can be sent out of user-to-user on the peer reviewed bitcoin network without the need for intermediaries.7

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Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of individuals using the name Satoshi Nakamoto9 and published as open-source applications in 2009.10 Bitcoins are made as a reward for a procedure known as mining.

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Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.12.

Bitcoin has been criticized because of its use in prohibited transactions, its own high electricity consumption, price volatility, thefts from exchanges, and the chance that bitcoin is an economic bubble.13 Bitcoin has also been utilized as an investment, even though several regulatory agencies have issued investor alerts about bitcoin.14

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