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Bitcoin isnt the first decentralised money; gold is another case. No more gold can be made, and the ledger of gold - that is, the 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 a completely digital money. It is the very first decentralised peer reviewed payment network powered by its own users 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's both decentralised and digital. 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's the potential to be very, very revolutionary.
All 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 pocket. Cryptography can be used to encrypt a wallet, therefore it cannot be utilized without a password.
Bitcoin is not controlled by a central company, bank, or financial institution. Therefore, it cannot be inflated just like the dollar. In reality, 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 grows more difficult. Likewise, as more bitcoin is minted, the practice of production becomes 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 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 whole bitcoin community. All bitcoin users 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 indicated the concept of a new form of money that used cryptography - rather than a 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 themselves. The community has since grown exponentially, with thousands of developers working on bitcoin worldwide.
Satoshis anonymity has raised unjustified concerns, many of which can be linked to the misunderstanding of the open-source nature of bitcoin. The bitcoin protocol and software are Cleverbot published openly, meaning any developer around the globe can review the code and make their own modified version of their bitcoin computer software.
Satoshis influence was, consequently, dependant on their thoughts being adopted by other people, 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 paper.
Bitcoin () is a cryptocurrency, a form 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-to-peer bitcoin network with no need for intermediaries.7
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Transactions are verified by network nodes via cryptography and listed in a public distributed ledger known as a blockchain. Bitcoin was invented by an unknown person or group of individuals using the name Satoshi Nakamoto9 and released as open-source software in 2009.10 Bitcoins are made as a reward for a procedure known as mining.
Bitcoin has been criticized because of its use in prohibited transactions, its high power consumption, cost volatility, thefts from exchanges, and the possibility that bitcoin is an economic bubble.13 Bitcoin has also been utilized as an investment, even though many regulatory agencies have issued investor alarms about bitcoin.14