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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 carried out together by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can participate. Through many of its unique properties, Bitcoin enables exciting uses that could not be dealt with by any previous payment method. .
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Bitcoin () is a cryptocurrency, a form of electronic cash. It is a decentralized electronic currency without a central bank or single administrator which can be sent from user-to-user on the peer-to-peer bitcoin network with no need for intermediaries.7
Transactions are confirmed by network nodes through cryptography and listed in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of individuals using the name Satoshi Nakamoto9 and released as open-source applications 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 possibility that bitcoin is an economic bubble.13 Bitcoin has also been utilized as an investment, although several 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 posted to a 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 made when Nakamoto mined the 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 caused by fractional-reserve banking.21:18.
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The receiver of the first bitcoin transaction was cypherpunk Hal Finney, who made the first reusable proof-of-work platform (RPOW) in 2004.22 Finney downloaded the bitcoin software on its launch , and on 12 January 2009 obtained ten bitcoins out of Nakamoto.2324 Other early cypherpunk supporters were creators of bitcoin predecessors: Wei Dai, founder of b-money, and Nick Szabo, founder of little golden.25 In 2010, the earliest known commercial transaction using bitcoin happened when developer 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 awake key and control of the 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 course of bitcoin.3029.
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After early"proof-of-concept" transactions, the first major users of bitcoin were black markets, for example Silk Road. During its 30 months of existence, beginning website link in February 2011, Silk Road exclusively accepted bitcoins as payment, transacting 9.9 million in bitcoins, value roughly $214 million.31:222
In 2011, the price started at $0.30 per bitcoin, growing to $5.27 for the year. The price rose to $31.50 on 8 June. Within a month that the cost fell to $11.00. The next month it fell 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 made since then.34
In March 2013 the blockchain briefly split into two independent chains with different rules. The 2 blockchains operated simultaneously for six hours, each using its own version of the transaction history. Normal operation was restored when the vast majority of the network downgraded to version 0.7 of their bitcoin applications.37 The Mt.
Gox experienced processing delays due to insufficient capacity44 resulting in the bitcoin price dropping from $266 to $76 prior to returning to $160 within six hours.45 The bitcoin cost rose to $259 on 10 April, but then dropped by 83 percent to $45 within the next 3 times.35 On 15 May 2013, US authorities seized accounts associated my link with Mt.