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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 from user-to-user on the peer reviewed bitcoin network without the need for intermediaries.7

Transactions are verified by network nodes via cryptography and listed in a public distributed ledger known as a blockchain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto9 and released 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 own high electricity 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 submitted to some 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 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 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 first reusable proof-of-work system (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 founders of bitcoin predecessors: Wei Dai, founder of b-money, and Nick Szabo, creator of bit golden.25 In 2010, the first known business transaction using bitcoin occurred 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 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 left opportunity for controversy to grow over the future development course of bitcoin.3029.

After ancient"proof-of-concept" transactions, the first significant 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, 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 linked here 8 June. Within a month the cost 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 began at $5.27 growing to $13.30 for its year.32 By 9 January the price had risen to $7.38, but then dropped 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 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 using its own version of the transaction history. Normal operation was restored when the majority of the network downgraded to version 0.7 of the bitcoin applications.37 The Mt.

Gox experienced processing delays due to insufficient capacity44 resulting in the bitcoin cost 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 government captured 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 cost climbed to $755 on 19 November and crashed by 50 percent to he has a good point $378 the exact same moment.

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

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