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Bitcoin isnt the first decentralised money; gold is another case. No longer gold can be produced, 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 world.

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

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

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

All bitcoin transactions are recorded on a public ledger called 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 safety step, making it impossible for anyone to spend bitcoin from another pocket. Cryptography can be used to encrypt a pocket, 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 just 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 stone mining. As more gold is mined, finding new gold grows more difficult. Likewise, as more bitcoin is minted, the see here now process 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, just like the technology behind email has no owner. Instead, bitcoin is controlled by all bitcoin users around the globe.

While developers do work to enhance the applications, any changes at all to the base protocol are scrutinised by the most 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 first application of a concept called cryptocurrency. Cryptocurrency was described 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 trusted, central authority - to control its creation and monitor its transactions. .

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

Satoshis anonymity has raised unjustified concerns, many of which can be 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 their bitcoin software.

Satoshis influence was, therefore, 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 today as the identity of the person who invented newspaper.

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

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Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger known as a blockchain. Bitcoin was invented by an unknown person or group of people 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 generated 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 illegal transactions, its own high power consumption, price 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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