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Bitcoin () is a cryptocurrency, a type of electronic money. It is a decentralized digital 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 confirmed by network nodes via cryptography and listed in a public distributed 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 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 for its use in prohibited 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, even though several 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 posted to a 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 created when Nakamoto mined the 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 both a timestamp and a comment on the instability brought on by fractional-reserve banking.21:18.

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 software on its release , and on 12 January 2009 received ten bitcoins from Nakamoto.2324 Other ancient cypherpunk fans were creators of bitcoin predecessors: Wei Dai, creator of b-money, and Nick Szabo, creator of bit gold.25 In 2010, the earliest known commercial transaction using bitcoin happened 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 developer 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 early"proof-of-concept" transactions, the first major users 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, visit this page value roughly $214 million.31:222

In 2011, the price started at $0.30 per bitcoin, growing visit their website to $5.27 for year. The cost rose to $31.50 on 8 June. Within a month 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 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% to $3.80 over the next 16 days. The cost then rose to $16.41 on 17 August, but dropped by 57% to $7.10 within the next 3 times.35.

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 vast majority of the network downgraded to version 0.7 of the bitcoin software.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 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 seized about 26,000 bitcoins in October 2013 in the dark website Silk Road during the arrest of Ross William Ulbricht.515253 Bitcoin's price rose to $755 on 19 November and dropped by 50% to $378 the exact same day.

In Free Bitcoin Generator Online 2014, prices began at $770 and fell to $314 for the year.32 In February 2014 the Mt. Gox exchange, the largest bitcoin exchange at the moment, said that 850,000 bitcoins had been stolen from its own clients, amounting to almost $500 million. Bitcoin's price fell by almost half, from $867 to $439 (a 49% drop).

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