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Bitcoin isnt the initial decentralised money; gold is another example. No more gold can be produced, and the ledger of gold - that is, the gold itself - cannot be manipulated or counterfeited. Golds heavy physical nature make it an inefficient and unrealistic currency solution.

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The digital nature of bitcoin, on the other hand, makes it a natural match for todays tech-driven, connected world.

Bitcoin is a consensus network that enables a new payment system and an entirely digital money. It's the first decentralised peer-to-peer payment network powered by its customers with no central authority or middleman. From an individual perspective, bitcoin is cash for the internet.

Bitcoin can also be seen as the most prominent triple-entry bookkeeping system in existence. Its the very first currency that's both decentralised and electronic. It is more reliably rare than gold, more transactionally efficient than modern digital banking, and enables greater financial privacy than cash.

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Bitcoin could still fail for one reason or another, but if it doesnt, it's the potential to be very, quite revolutionary.

All of bitcoin transactions are recorded on a public ledger called the blockchain. All transactions are then assessed, verified, and confirmed by miners. Miners perform this duty on incredibly powerful computers in exchange for newly minted bitcoin. With tens of thousands of miners contributing to the community, transactions run smoothly, and the network is procured.

Cryptography is an additional security step, which makes it impossible for anyone to spend bitcoin from another users wallet. Cryptography can be used to encrypt a pocket, therefore it cannot be used without a password.

Bitcoin is not controlled by a central company, bank, or financial institution. Therefore, it cannot be inflated just like the dollar. In fact, only 21 million bitcoin can ever be created.

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To ensure a steady speed of distribution, bitcoins production is modelled on gold mining. As more gold is mined, finding new gold grows more difficult. Likewise, as more bitcoin is minted, the process of production grows more difficult. The final bitcoin will probably be mined around the year 2140.

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Nobody. The bitcoin network has no owner, just like the technology behind email has no owner. Instead, bitcoin is controlled by all bitcoin users around the globe.

While programmers do work to enhance the software, any changes whatsoever to the base protocol are scrutinised from the most experienced core programmers and the entire bitcoin community. All bitcoin users are free to choose which software and version they use, and, for bitcoin to function properly, these versions have to be compatible.

Bitcoin is your primary application of a concept called cryptocurrency. Cryptocurrency was described in 1998 by Wei Dai on the cypherpunks mailing list, which suggested the concept of a new form of useful reference money that used cryptography - rather than a reliable, central authority - to control its creation and monitor its own transactions. .

The first bitcoin specification and proof-of-concept were published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing anything about himself, herself, or even themselves. The community has since grown exponentially, with thousands of programmers working on bitcoin global.

Satoshis anonymity has increased unjustified concerns, many of which are linked to the misunderstanding of the open-source nature of bitcoin. The bitcoin protocol and software are published openly, meaning any developer around the globe can review the code and create their own modified version of their bitcoin computer software.

Satoshis influence was, therefore, dependant on their ideas being adopted by others, meaning they did not control bitcoin. As such, the identity of bitcoins inventor is probably as relevant today as the identity of the person who invented paper.

Bitcoin () is a cryptocurrency, a form of electronic money. It is a decentralized digital currency without a central bank or single administrator that can be sent out of user-to-user on the peer reviewed bitcoin network without the need for intermediaries.7

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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 released as open-source applications in 2009.10 Bitcoins are made as a reward for a process known as mining.

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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, price volatility, thefts from exchanges, and the chance that bitcoin is an economic bubble.13 Bitcoin has also been utilized as an investment, although many regulatory agencies have issued investor alarms about bitcoin.14

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