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Bitcoin isnt the initial decentralised money; gold is another example. No more 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 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 very prominent triple-entry bookkeeping system in existence. Its the first currency that is both decentralised and digital. It's 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 nevertheless fail for one reason or another, but when it doesnt, it has 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 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 security measure, making it impossible for anyone to spend bitcoin from another users wallet. 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. For that reason, it cannot be inflated just like the dollar. In fact, only 21 million bitcoin can ever 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. Similarly, as more bitcoin is minted, the process of production grows 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 world.

While programmers do work to improve the software, any changes whatsoever to the base protocol are scrutinised by the most experienced core developers and the entire bitcoin community. All bitcoin consumers 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 primary 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 first bitcoin specification and proof-of-concept were printed in 2009 in a cryptography mailing list by Satoshi he said 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 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 applications 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, therefore, dependant on their ideas being adopted by others, meaning 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 newspaper.

Bitcoin () is a cryptocurrency, a kind of electronic cash. It is a decentralized electronic currency without a 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 recorded 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 published as open-source applications in 2009.10 Bitcoins are created as a reward for a procedure 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 because of its use in prohibited transactions, its own high electricity consumption, price volatility, thefts from exchanges, and the possibility that bitcoin is an economic bubble.13 Bitcoin has also been utilized as an investment, even though many regulatory agencies have issued investor alerts about bitcoin.14

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