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Bitcoin isnt the first decentralised money; golden is another case. No longer gold can be produced, 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 match for todays tech-driven, connected world.

Bitcoin is a consensus network that enables a new payment system and an entirely digital money. It's the first decentralised peer-to-peer payment network powered by its own customers 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 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 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 step, making it impossible for anyone to spend bitcoin from another pocket. Cryptography can be used to encrypt a pocket, 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 like the dollar. In fact, only 21 million bitcoin can ever 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 becomes more difficult. Likewise, 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, just like the technology behind email has no owner. Instead, bitcoin is controlled by all bitcoin users around the world.

While developers do work to enhance the software, any changes at all to the base protocol are scrutinised from the most experienced core programmers 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 your 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 used 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 published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi abandoned the project in late 2010 without revealing anything about himself, herself, or themselves. The community has since grown exponentially, with thousands of programmers working on bitcoin worldwide.

Satoshis anonymity has raised unjustified concerns, many of which are linked to the misunderstanding of this 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 embraced 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 paper.

Bitcoin () is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator which can be sent out of user-to-user on the peer-to-peer 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 distributed ledger called 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, the blog here majority of them using bitcoin.12.

Bitcoin has been criticized because of its use in prohibited transactions, its own high power consumption, cost 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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