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Bitcoin isnt the first decentralised money; gold is another example. No more gold can be made, 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.
Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the very first decentralised peer-to-peer payment network powered by its own users 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's more reliably rare than gold, more transactionally efficient than modern electronic banking, and enables greater financial privacy than money.
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Bitcoin could nevertheless fail for one reason or another, but when it doesnt, it has got the potential to be very, quite revolutionary.
All bitcoin transactions are listed on a public ledger called the blockchain. All transactions are then checked, verified, and confirmed by miners. Miners perform this obligation 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 users wallet. 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. For that reason, 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 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 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, exactly like the technology behind email has no owner. Instead, bitcoin is controlled by all bitcoin users around the globe.
While developers do work to improve the applications, any changes at all to the base protocol are scrutinised by the most experienced core programmers and the entire bitcoin community. All bitcoin consumers are free to decide on which applications 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 suggested the concept of a new sort of money that used 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 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 world 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 other people, meaning that they did not control bitcoin. As such, the identity of bitcoins inventor is probably as relevant now as the identity next page of the person who invented newspaper.
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 out of 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 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.
Bitcoin has been criticized for its use in illegal transactions, its high electricity consumption, price volatility, thefts from exchanges, and also the chance 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