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Bitcoin isnt the first 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.
Bitcoin is a consensus network that enables a new payment method and an entirely digital money. It is the very first decentralised peer-to-peer payment network powered by its users with no central authority or middleman. From a user standpoint, bitcoin is cash for the internet.
Bitcoin can also be seen as the very prominent triple-entry bookkeeping system in existence. Its the first currency that's both decentralised and electronic. 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 if it doesnt, it has the potential to be very, very revolutionary.
All of bitcoin transactions are listed 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 security 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 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 gold mining. As more gold is mined, finding new gold grows 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 read what he said owner. Instead, bitcoin is controlled by all bitcoin users around the globe.
While programmers do work to enhance 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 must be compatible.
Bitcoin is the 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 sort of money that utilized cryptography - rather than the usual 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 Nakamoto. Satoshi abandoned the project in late 2010 without revealing anything about himself, herself, or even themselves. The community has since grown exponentially, with thousands of programmers working on bitcoin global.
Satoshis anonymity has raised unjustified concerns, many of which can be linked to the misunderstanding of this open-source nature of bitcoin. The bitcoin protocol and software 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 thoughts being adopted by other people, meaning that they did not control bitcoin. As such, the identity of bitcoins inventor is most likely 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 with no 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 verified 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 people using the name Satoshi Nakamoto9 and released as open-source applications in 2009.10 Bitcoins are created as a reward for a procedure known as mining.
Bitcoin has been criticized because of its use in illegal transactions, its high electricity consumption, cost volatility, thefts from exchanges, and also the possibility that bitcoin is an economic bubble.13 Bitcoin has also been used as an investment, although many regulatory agencies have issued investor alerts about bitcoin.14