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Bitcoin isnt the first decentralised money; golden is another case. No more gold can be produced, 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 method and a completely digital money. It is the first decentralised peer-to-peer payment network powered by its own users with no central authority or middleman. From a user 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 electronic. It's more reliably rare than gold, more transactionally efficient than modern electronic banking, and enables larger financial privacy than cash.
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Bitcoin could nevertheless fail for one reason or another, but when it doesnt, it's got the potential to be very, quite 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 secured.
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 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 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 becomes more difficult. Similarly, as more bitcoin is minted, the process 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 programmers do work to enhance the applications, any changes whatsoever to the base protocol are scrutinised from the most experienced core developers and the whole 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 used cryptography - rather than the usual reliable, central authority - to control its creation and monitor its own transactions. .
The very first bitcoin specification and proof-of-concept were printed in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the job 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 worldwide.
Satoshis anonymity has raised unjustified concerns, many of which are linked to the misunderstanding of the open-source nature of bitcoin. The bitcoin protocol and applications are published openly, meaning any developer around the world can review the code and create their own modified version of the 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 probably as relevant today as the identity of the person who invented newspaper.
Bitcoin () is a cryptocurrency, a form of electronic cash. It is 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 with no 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 individuals using the name Satoshi Nakamoto9 and published as open-source software in 2009.10 Bitcoins are made as a reward for a process known as mining. Learn More
Bitcoin has been criticized because of its use in illegal transactions, its own high power consumption, price volatility, thefts from exchanges, and also the possibility that bitcoin is an economic bubble.13 Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alarms about bitcoin.14