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Bitcoin isnt the initial decentralised money; golden is another example. No longer gold can be made, and the ledger of gold - that is, the 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 first decentralised peer-to-peer payment network powered by its own customers with no central authority or middleman. From an individual perspective, bitcoin is money for the internet.
Bitcoin can also be seen as the very prominent triple-entry bookkeeping system in existence. Its the very first currency that is 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 still fail for one reason or another, but if it doesnt, it has got the potential to be very, very revolutionary.
All of bitcoin transactions are listed on a public ledger called 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 procured.
Cryptography is an additional safety step, which makes it impossible for anyone to spend bitcoin from another users wallet. Cryptography can be used to encrypt a wallet, so it cannot be utilized with no password.
Bitcoin is not controlled by a central company, bank, or financial institution. Therefore, 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 grows more difficult. Likewise, as more bitcoin is minted, the practice 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 globe.
While programmers do work to improve the applications, any changes at all to the base protocol are scrutinised from the most experienced core programmers and the whole bitcoin community. All bitcoin consumers are free to decide on which applications and version they use, and, for bitcoin to function properly, these versions must 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 utilized cryptography - rather than a reliable, 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 left the job 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 increased unjustified concerns, many of which are linked to the misunderstanding of this open-source nature of bitcoin. The check my reference bitcoin protocol and applications are published openly, meaning any developer around the world can review the code and make their own modified version of their bitcoin software.
Satoshis influence was, consequently, dependant on their ideas being embraced by others, meaning that they did not control bitcoin. Therefore, 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 money. It's a decentralized digital currency with no central bank or single administrator which can be sent out of user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.7
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Transactions are confirmed by network nodes via cryptography and listed 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 released as open-source software in 2009.10 Bitcoins are created as a reward for a process known as mining.
Bitcoin has been criticized for its use in prohibited transactions, its own high electricity consumption, cost volatility, thefts from exchanges, and the chance that bitcoin is an economic bubble.13 Bitcoin has also been used as an investment, even though many regulatory agencies have issued investor alerts about bitcoin.14