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Bitcoin utilizes peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is performed together by the network. Bitcoin is open-source; its design is general public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting applications that could not be dealt with by any preceding payment method. .

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Bitcoin () is a cryptocurrency, a kind of electronic cash. It is a decentralized electronic currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network with no need for intermediaries.7

Transactions are verified by network nodes through cryptography and listed in a public dispersed ledger known as a blockchain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto9 and published as open-source applications in 2009.10 Bitcoins are created as a reward for a procedure 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, the majority of them using bitcoin.12.

Bitcoin has been criticized because of its use in prohibited transactions, its high power consumption, price volatility, thefts from exchanges, and the chance that bitcoin is an economic bubble.13 Bitcoin has also been utilized as an investment, although several regulatory agencies have issued investor alarms 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 applications 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 very first block of the chain, known as the genesis block.1920 Embedded in the coinbase of this cube was 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.

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The recipient of the first bitcoin transaction was cypherpunk Hal Finney, who made the very first reusable proof-of-work platform (RPOW) in 2004.22 Finney downloaded the bitcoin software on its launch date, and on 12 January 2009 obtained ten bitcoins out of Nakamoto.2324 Other early cypherpunk supporters were founders of bitcoin predecessors: Wei Dai, founder of b-money, and Nick Szabo, founder of little gold.25 In 2010, the earliest known business 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 here are the findings million bitcoins27 before disappearing in 2010, when he handed the network alert key and control of this code repository over Gavin Andresen. Andresen afterwards became lead programmer at the Bitcoin Foundation.2829 Andresen then sought to decentralize control. This left opportunity for controversy to develop over the future development course of bitcoin.3029.

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After ancient"proof-of-concept" transactions, the first significant 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, value about $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 from this source $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

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In 2012, bitcoin prices started at $5.27 growing to $13.30 for the year.32 By 9 January the price had risen to $7.38, but then crashed by 49% 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 over the next three days.35.

In March 2013 that the blockchain briefly split into two independent chains with different rules. The two blockchains operated simultaneously for six hours, each with 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 software.37 The Mt.

Gox experienced processing delays because of insufficient capacity44 resulting in the bitcoin price dropping from $266 to $76 prior to returning to $160 within six hours.45 The bitcoin price rose to $259 on 10 April, but then dropped by 83% to $45 within the next three days.35 On 15 May 2013, US government seized accounts connected with Mt.

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