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

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The electronic nature of bitcoin, on the other hand, makes it a natural match 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 first decentralised peer reviewed payment network powered by its own users with no central authority or middleman. From an individual standpoint, bitcoin is money for the internet.

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

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

All of bitcoin transactions are recorded on a public ledger known as the blockchain. All transactions are then assessed, verified, and confirmed by miners. Miners perform this duty 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 security step, making it impossible for anyone to spend bitcoin from another users wallet. Cryptography can be used to encrypt a pocket, therefore it cannot be used without a password.

Bitcoin is not controlled by a central company, bank, or financial institution. For that reason, it cannot be inflated like the dollar. In reality, only 21 million bitcoin can ever 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 grows more difficult. Similarly, as more bitcoin is minted, the practice of production grows more difficult. The final bitcoin is going to probably be mined around the year 2140.

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

While developers do work to improve the software, any changes at all to the base protocol are scrutinised by the most experienced core developers and the whole bitcoin community. All bitcoin users are free to decide on which software and version they use, and, for bitcoin to function properly, these versions must be site compatible.

Bitcoin is your first application of a concept called cryptocurrency. Cryptocurrency was described in 1998 by Wei Dai on the cypherpunks mailing list, which suggested the concept of a new form of money that utilized cryptography - rather than check the usual trusted, central authority - to control its creation and monitor its transactions. .

The very 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 themselves. The community has since grown exponentially, with thousands of programmers working on bitcoin worldwide.

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

Satoshis influence was, consequently, dependant on their ideas being adopted by others, meaning that they did not control bitcoin. Therefore, the identity of bitcoins inventor is probably as relevant now as the identity of the person who invented paper.

Bitcoin () is a cryptocurrency, a kind of electronic money. It's a decentralized electronic currency without a central bank or single administrator that can be sent out of user-to-user on the peer reviewed bitcoin network with no need for intermediaries.7

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

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

Bitcoin has been criticized for its use in prohibited transactions, its high electricity consumption, cost volatility, thefts from exchanges, and also the possibility that bitcoin is an economic bubble.13 Bitcoin has also been used as an investment, although many regulatory agencies have issued investor alerts about bitcoin.14

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