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Bitcoin isnt the first decentralised money; gold is another case. No longer 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 fit for todays tech-driven, connected planet.

Bitcoin is a consensus network that enables a new payment system and an entirely digital money. It is the very first decentralised peer-to-peer payment network powered by its own users with no central authority or middleman. From an individual standpoint, bitcoin is cash for the internet.

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

All bitcoin transactions are listed on a public ledger called the blockchain. All transactions are then checked, 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 secured.

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

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

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To ensure a steady rate 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, 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 whatsoever to the base protocol are scrutinised by the most experienced core programmers and the entire bitcoin community. All bitcoin consumers are free to choose which software and version they use, and, for bitcoin to function properly, these versions must be 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 sort of money that used cryptography - rather than a reliable, 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 left the job 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 global.

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

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

Bitcoin () is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency with no central bank or single administrator that can be sent from user-to-user on the peer reviewed bitcoin network with no need for intermediaries.7

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Transactions are confirmed by network nodes via cryptography and listed in a public dispersed ledger called 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 created as a reward for a procedure known as mining.

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Research generated by the University of Cambridge estimates that anchor 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 for its use in illegal transactions, its own high electricity consumption, cost volatility, thefts from exchanges, and also the possibility 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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