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Bitcoin () is a cryptocurrency, a type of electronic cash. It's a decentralized electronic currency with no central bank or single administrator that can be sent out of user-to-user on the peer reviewed bitcoin network with no 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 individuals using the name Satoshi Nakamoto9 and published 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, the majority of them using bitcoin.12.

Bitcoin has been criticized for its use in illegal transactions, its own high power consumption, cost volatility, thefts from exchanges, and the possibility that bitcoin is an economic bubble.13 Bitcoin has also been used as an investment, even though many regulatory agencies have issued investor alarms 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 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 very first block of this 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 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 platform (RPOW) in 2004.22 Finney downloaded the bitcoin applications on its launch , and on 12 January 2009 obtained ten bitcoins out of Nakamoto.2324 Other early cypherpunk fans were creators of bitcoin predecessors: Wei Dai, creator of b-money, and Nick Szabo, creator of bit gold.25 In 2010, the first known business transaction using bitcoin occurred when programmer Laszlo Hanyecz purchased 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 crucial and control of the code over to Gavin Andresen. Andresen later became lead programmer at the Bitcoin Foundation.2829 Andresen then sought to decentralize control. This abandoned opportunity for controversy to grow over the future development course of bitcoin.3029.

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 per bitcoin, growing to $5.27 for year. The price rose to $31.50 on 8 June. Within a month the price fell to $11.00. The next our website 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 2012, bitcoin prices began at $5.27 growing to $13.30 for the year.32 By 9 January the price had risen to $7.38, but then dropped by 49 percent to $3.80 over the next 16 days. The price then climbed to $16.41 on 17 August, but dropped 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 2 blockchains operated simultaneously for six hours, each with its own version of the transaction history. Normal operation was restored when the majority of the network downgraded to version 0.7 of their bitcoin software.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 crashed by 83% to $45 over the next three days.35 On 15 May 2013, US authorities seized accounts connected with Mt.

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

In 2014, prices started at $770 and fell to $314 for the year.32 In February 2014 the Mt. Gox exchange, the largest bitcoin exchange check over here at the time, said that 850,000 bitcoins had been stolen from its customers, amounting to almost $500 million. Bitcoin's cost fell by almost half, from $867 to $439 (a 49% drop).

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