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Bitcoin () is a cryptocurrency, a type of electronic cash. It is a decentralized electronic currency without a central bank or single administrator that can be sent out of user-to-user on the peer reviewed bitcoin network without the need for intermediaries.7

Transactions are confirmed by network nodes through cryptography and listed 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 published 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 for its use in prohibited transactions, its high power consumption, price volatility, thefts from exchanges, and also the possibility that bitcoin is an economic bubble.13 Bitcoin has also been utilized as an investment, although many regulatory agencies have issued investor alerts about bitcoin.14

 

 

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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 applications as open-source code and released it in January 2009.171810 Nakamoto's identity remains unknown.9.

In January 2009, the bitcoin network was made when Nakamoto mined the very first block of the chain, known as the genesis block.1920 Embedded in the coinbase of this block 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 brought on by fractional-reserve banking.21:18.

The recipient of the first bitcoin transaction was cypherpunk Hal Finney, who created the first reusable proof-of-work system (RPOW) in 2004.22 Finney downloaded the bitcoin software on its release date, and on 12 January 2009 received ten bitcoins from Nakamoto.2324 Other early cypherpunk supporters were creators of bitcoin predecessors: Wei Dai, founder of b-money, and Nick Szabo, founder of bit gold.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 get more bitcoins27 before disappearing in 2010, when he handed the network awake crucial and control of this code over Gavin Andresen. Andresen later became lead programmer at the Bitcoin Foundation.2829 Andresen then sought to decentralize control. This left opportunity for controversy to grow over the future development path of bitcoin.3029.

After ancient"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 per bitcoin, growing to $5.27 for the year. The cost rose to $31.50 on 8 June. Within a month that the price 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 or altcoin, appeared in October 2011.33 Many altcoins have been created since then.34

In 2012, bitcoin prices started at $5.27 growing to $13.30 for the year.32 By 9 January the cost had risen to $7.38, but then crashed by 49 percent to $3.80 within the next 16 days. The price then rose to $16.41 on 17 August, but fell by 57 percent to $7.10 within the next 3 days.35.

In March 2013 that the blockchain temporarily split into two independent chains with different rules. The 2 blockchains operated What Is Bitcoin For simultaneously for half an hour, each using its own version of the transaction history. Normal operation was revived when the majority of the network downgraded to version 0.7 of their bitcoin applications.37 The Mt.

Gox experienced processing delays because of insufficient capacity44 resulting in the bitcoin cost 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% to $45 within the next three times.35 On 15 May 2013, US government captured accounts connected with Mt.

881.48 This marked the first time a government agency had seized bitcoin.4950 The FBI captured about 26,000 bitcoins in October 2013 in the dark website Silk Road during the arrest of Ross William Ulbricht.515253 Bitcoin's cost climbed to $755 on 19 my latest blog post November and crashed by 50 percent to $378 exactly the exact same day.

In 2014, prices started at $770 and dropped to $314 for the year.32 In February 2014 the Mt. Gox exchange, the most significant bitcoin exchange at the moment, stated that 850,000 bitcoins had been stolen from its customers, amounting to nearly $500 million. Bitcoin's price fell by almost half, from $867 to $439 (a 49% drop).

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