Bitcoin.docx - Bitcoin Bitcoin is a cryptocurrency It is a decentralized digital currency without a central bank or single administrator that can be

Bitcoin.docx - Bitcoin Bitcoin is a cryptocurrency It is a...

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Bitcoin Bitcoin is a cryptocurrency. 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 without the need for intermediaries. and started in 2009 when its source code was released as open- source software. Research produced by 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. Bitcoin has been criticized for its use in illegal transactions, its high electricity consumption, price volatility, and thefts from exchanges. Some economists, including several Nobel laureates, have characterized it as a speculative bubble. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin. History Creation The domain name "bitcoin.org" was registered on 18 August 2008. On 31 October 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. Nakamoto implemented the bitcoin software as open- source code and released it in January 2009. Embedded in the coinbase of this block was the text "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks". The receiver of the first bitcoin transaction was cypherpunk Hal Finney, who had created the first reusable proof-of-work system in 2004. Finney downloaded the bitcoin software on its release date, and on 12 January 2009 received ten bitcoins from Nakamoto. Other early cypherpunk supporters were creators of bitcoin predecessors: Wei Dai, creator of b-money, and Nick Szabo, creator of bit gold. Blockchain analysts estimate that Nakamoto had mined about one million bitcoins before disappearing in 2010, when he handed the network alert key and control of the code repository over to Gavin Andresen. Andresen later became lead developer at the Bitcoin Foundation. Andresen then sought to decentralize control. This left opportunity for controversy to develop over the future development path of bitcoin, in contrast to the perceived authority of Nakamoto's contributions. Litecoin, an early bitcoin spin-off or altcoin, appeared in October 2011. Many altcoins have been created since then. In 2012, bitcoin prices started at $5.27 growing to $13.30 for the year. The Bitcoin Foundation was founded in September 2012 to promote bitcoin's development and uptake. 2013–2016 In 2013, prices started at $13.30 rising
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