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Bitcoin isnt the first decentralised money; gold is another case. 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 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's the first decentralised peer-to-peer payment network powered by its own customers with no central authority or middleman. From an individual 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's both decentralised and digital. It is more reliably rare than gold, more transactionally efficient than modern digital banking, and enables greater financial privacy than money.

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

All bitcoin transactions are recorded on a public ledger known as the blockchain. All transactions are then assessed, 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 wallet, so it cannot be used without a password.

Bitcoin is not controlled by a central company, bank, or financial institution. Therefore, it cannot be inflated just 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 becomes more difficult. Likewise, as more bitcoin is minted, the practice of production becomes more difficult. The final bitcoin is going to 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 programmers do work to enhance the software, any changes whatsoever to the base protocol are scrutinised from the most experienced core developers and the whole bitcoin community. All bitcoin users are free to choose which software and version they use, and, for bitcoin to function properly, these versions must be compatible.

Bitcoin is the primary application of a concept called cryptocurrency. Cryptocurrency was content described in 1998 by Wei Dai on the cypherpunks mailing list, which indicated the concept of a new sort of money that utilized cryptography - rather than a reliable, central authority - to control its creation and monitor its own transactions. .

The 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 can be linked to the misunderstanding of the open-source nature of bitcoin. The bitcoin protocol and applications are published openly, meaning any developer around the globe can review the code and make their own modified version of their bitcoin 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 probably as relevant today as the identity of the person who invented paper.

Bitcoin () is a cryptocurrency, a kind of electronic money. It's a decentralized electronic currency with no central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.7

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Transactions are verified by network nodes through cryptography and recorded in a public dispersed 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 created 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 illegal transactions, its own high electricity consumption, price volatility, thefts from exchanges, and also the possibility that bitcoin is an economic bubble.13 Bitcoin has also been utilized as an investment, although many regulatory agencies have issued investor alarms about bitcoin.14

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