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Bitcoin uses peer-to-peer technology to function with no central authority or banks; managing transactions and the issuing of bitcoins is performed collectively by the network. Bitcoin is open-source; its design is general public, nobody owns or controls Bitcoin and everyone can participate. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment method. .
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Bitcoin () is a cryptocurrency, a kind of electronic money. It is a decentralized digital currency without a central bank or single administrator that can be sent out of user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.7
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 people using the name Satoshi Nakamoto9 and released as open-source software in 2009.10 Bitcoins are made as a reward for a process known as mining.
Research generated by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.12.
Bitcoin has been criticized because of its use in illegal transactions, its high power consumption, price 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
The domain name"bitcoin.org" was registered on 18 August 2008.15 On 31 October 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System5 was submitted to some cryptography mailing list.16 Nakamoto implemented the bitcoin software as open-source code and published it in January 2009.171810 Nakamoto's identity remains unknown.9.
In January 2009, the bitcoin network was created when Nakamoto mined the very first block of the chain, known as the genesis block.1920 Embedded in the coinbase of the cube has been the following text:"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. "10 This note has been interpreted as either a timestamp and a comment on the instability caused by fractional-reserve banking.21:18.
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The receiver of the initial bitcoin transaction was cypherpunk Hal Finney, who made the very first reusable proof-of-work platform (RPOW) in 2004.22 Finney downloaded the bitcoin applications on its release , and on 12 January 2009 obtained ten bitcoins from Nakamoto.2324 Other early cypherpunk supporters were creators of bitcoin predecessors: Wei Dai, creator of b-money, and Nick Szabo, founder of bit golden.25 In 2010, the first known commercial transaction using bitcoin occurred when programmer Laszlo Hanyecz bought two Papa John's pizzas for 10,000 bitcoin.26.
Nakamoto is estimated to have mined one million bitcoins27 before disappearing in 2010, when he handed the network alert crucial and control of the code repository over to Gavin Andresen. Andresen later became lead developer at the Bitcoin Foundation.2829 Andresen then sought to decentralize control. This left opportunity for controversy to develop over the future development path of bitcoin.3029.
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After early"proof-of-concept" transactions, the first major consumers of bitcoin were black markets, such as Silk Road. During its 30 months of existence, beginning in February 2011, Silk Road exclusively accepted bitcoins as payment, transacting 9.9 million in bitcoins, worth roughly $214 million.31:222
In 2011, the price started at $0.30 each bitcoin, growing to $5.27 for the year. The cost rose to $31.50 on 8 June. Within a month that the cost fell to $11.00. The next month it dropped to $7.80, and in another month to $4.77.32
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Litecoin, an early bitcoin spin-off view it or altcoin, appeared in October 2011.33 Many altcoins have been created since then.34
In March 2013 the blockchain temporarily split into two independent chains with different rules. The two blockchains operated simultaneously for half an hour, each using its own version of the transaction history. Normal operation was restored when the majority of the network downgraded to version 0.7 of the bitcoin applications.37 The Mt.
Gox experienced processing delays due to insufficient capacity44 resulting in the bitcoin price dropping from $266 to $76 before returning to $160 within six hours.45 The bitcoin price rose to $259 on 10 April, but then crashed by 83 percent to $45 within the next three times.35 On 15 May 2013, US authorities captured accounts associated with Mt.