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Bitcoin isnt the initial decentralised money; golden is another example. No longer gold can be produced, and the ledger of gold - that is, the physical 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 match 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 customers with no central authority or middleman. From an individual perspective, bitcoin is money for the internet.

Bitcoin can also be seen as the most prominent triple-entry bookkeeping system in existence. Its the very first currency that's both decentralised and electronic. It is more reliably rare 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 got 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 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 utilized 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 rate of distribution, bitcoins production is modelled on stone mining. As more gold is mined, finding new gold grows more difficult. Similarly, as more bitcoin is minted, the process 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 globe.

While programmers do work to improve the software, any changes at all 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 applications and version they use, and, for bitcoin to function properly, these versions must be compatible.

Bitcoin is your primary 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 form of money that used cryptography - rather than a trusted, central authority - to control its creation and monitor its own 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 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 worldwide.

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 software are published openly, meaning any programmer around the globe can review the code and make their own modified version of their bitcoin computer software.

Satoshis influence was, consequently, dependant on their thoughts being adopted by others, meaning 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 Continued of electronic cash. It's a decentralized digital currency without a central bank or single administrator which 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 confirmed by network nodes via cryptography and listed 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 software 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, the majority of them using bitcoin.12.

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

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