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Bitcoin
About Bitcoin
Bitcoin is a decentralized cryptocurrency that uses peer-to-peer technology and a blockchain to record transactions. It was created by Satoshi Nakamoto and the first block was mined on January 3, 2009. Bitcoin transactions are recorded on a blockchain, which is a distributed ledger that can be accessed by anyone to verify transactions. Transactions are verified by miners, who are rewarded with a set amount of Bitcoin and transaction fees. The supply of Bitcoin is limited to 21 million coins and it is divisible to eight decimal places. A wallet is needed to use Bitcoin and it consists of a public key, which is used to send and receive payments, and a private key, which is used to control the wallet. Bitcoin can be used for a variety of purposes, including everyday transactions, as a store of value, or for investment.
Bitcoin is a decentralized digital currency that uses cryptography to secure transactions and control the supply of new coins. It operates on a peer-to-peer network, where every transaction is recorded on a public ledger called the blockchain. As the first digital currency to enable direct transfers of value without intermediaries, Bitcoin has pioneered a new approach to money. Today, it functions as both a medium of exchange and a store of value, influencing global finance and inspiring many other digital currencies.
Each bitcoin is made up of 100 million satoshis, making it divisible up to eight decimal places. This means that anyone can purchase a fraction of a bitcoin with as little as one U.S. dollar.
That’s a question that has intrigued many. Bitcoin was created by an unknown person or group using the name Satoshi Nakamoto. In 2008, Satoshi published a whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” that outlined a method for sending money directly between individuals without relying on central authorities. The network came to life in January 2009 with the mining of the genesis block, marking Bitcoin’s official launch. Despite numerous investigations, Satoshi Nakamoto’s true identity remains a mystery.