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

Transactions are confirmed by network nodes via cryptography and recorded in a public dispersed 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 process known as mining.

Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.12.

Bitcoin has been criticized because of its use in prohibited transactions, its high electricity consumption, cost volatility, thefts from exchanges, and the chance that bitcoin is an economic bubble.13 Bitcoin has also been utilized as an investment, even though several 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 posted to some 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 created when Nakamoto mined the very first block of the chain, known as the genesis block.1920 Embedded in the coinbase of this 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 initial bitcoin transaction was cypherpunk Hal Finney, who made the first reusable proof-of-work platform (RPOW) in 2004.22 Finney downloaded the bitcoin applications on its release , and on 12 January 2009 obtained ten bitcoins look at this now from Nakamoto.2324 Other ancient cypherpunk fans were creators of bitcoin predecessors: Wei Dai, founder of b-money, and Nick Szabo, founder of bit gold.25 In 2010, the earliest known commercial 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 alert key and control of this code repository over to Gavin Andresen. Andresen afterwards became lead programmer at the Bitcoin Foundation.2829 Andresen then sought to decentralize control. This abandoned opportunity for controversy to develop over the future development path of bitcoin.3029.

After ancient"proof-of-concept" transactions, the first significant consumers of bitcoin were black markets, for example 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 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 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 created since then.34

In 2012, bitcoin prices began at $5.27 growing to $13.30 for the calendar 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 cost then rose to $16.41 on 17 August, but dropped by 57% to $7.10 within the next three 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 see it here its own version of the transaction history. Normal operation was revived when the vast 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 cost rose to $259 on 10 April, but then dropped by 83% to $45 over the next 3 days.35 On 15 May 2013, US authorities seized accounts associated 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 Ulbricht.515253 Bitcoin's price climbed to $755 on 19 November and dropped by 50% to $378 the exact same moment.

In 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 time, stated that 850,000 bitcoins had been stolen from its own clients, amounting to nearly $500 million. Bitcoin's cost fell by nearly half, from $867 to $439 (a 49% Continued drop).

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