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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 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 world.

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the very first decentralised peer-to-peer payment network powered by its own customers 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 electronic. It's more reliably scarce than gold, more transactionally efficient than modern digital banking, and enables larger financial privacy than cash.

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

All bitcoin transactions are recorded on a public ledger called the blockchain. All transactions are then checked, verified, and confirmed by miners. Miners do 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 step, making it impossible for anyone to spend bitcoin from another pocket. 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 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 practice of production grows more difficult. The final bitcoin will 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 world.

While programmers do work to improve the applications, any changes at all to the base protocol are scrutinised from the many experienced core programmers 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 must be compatible.

Bitcoin is your first application of a concept called cryptocurrency. Cryptocurrency was clarified in 1998 by Wei Dai on the cypherpunks mailing list, which suggested the concept of a new sort of money that utilized 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 printed in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the job in late 2010 without revealing anything visit their website about himself, herself, or themselves. The community has since grown exponentially, with thousands of programmers 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 developer around the world can review the code and create their own modified version of their 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 now as the identity of the person who invented paper.

Bitcoin () is a cryptocurrency, a form of electronic money. It is 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 without the need for intermediaries.7

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Transactions are confirmed by network nodes via cryptography and listed 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 software in 2009.10 Bitcoins are created as a reward for a process 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, the majority of them using bitcoin.12.

Bitcoin has been criticized for its use in prohibited transactions, its own high power 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 many regulatory agencies have issued investor alarms about bitcoin.14

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