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Bitcoin isnt the first decentralised money; golden is another case. 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 customers with no central authority or middleman. From a user perspective, 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 rare than gold, more transactionally efficient than modern digital banking, and enables greater financial privacy than cash.
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Bitcoin could nevertheless fail for one reason or another, but if it doesnt, it's got the potential to be very, very revolutionary.
All of bitcoin transactions are recorded on a public ledger known as the blockchain. All transactions are then assessed, 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 procured.
Cryptography is an additional security measure, making it impossible for anyone to spend bitcoin from another pocket. Cryptography can be used to encrypt a pocket, therefore 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 like the dollar. In fact, only 21 million bitcoin can ever 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 becomes more difficult. Similarly, 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 applications, any changes at all to the base protocol are scrutinised by the many experienced core developers and the whole bitcoin community. All bitcoin users are free to choose which applications and version they use, and, for bitcoin to function properly, go 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 first bitcoin specification and proof-of-concept were printed in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi abandoned the job in late 2010 without revealing anything about himself, herself, or 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 Homepage protocol and software are published openly, meaning any programmer around the globe can review the code and create their own modified version of the bitcoin computer 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 now as the identity of the person who invented newspaper.
Bitcoin () is a cryptocurrency, a kind of electronic money. 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 reviewed bitcoin network without the need for intermediaries.7
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Transactions are confirmed 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 made as a reward for a procedure known as mining.
Bitcoin has been criticized because of its use in illegal transactions, its own high power consumption, cost volatility, thefts from exchanges, and also 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