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    Bitcoin Review
    • Updated 2024-02-20 09:35:04

    What is Bitcoin?

    Bitcoin 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. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.

    The History of Bitcoin

    Bitcoin was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software.

    How Bitcoin Works

    Bitcoin transactions are verified by network nodes through cryptography and recorded in a publicly accessible ledger called the blockchain. Bitcoin miners confirm transactions and write them into blocks, which are linked to form the blockchain.

    Bitcoin Mining

    Bitcoin mining involves solving complex computational problems to discover a new block, which is added to the blockchain. In return for their services, miners are awarded newly created Bitcoins as well as transaction fees.

    The Significance of Bitcoin

    Bitcoin has been praised for its use in private transactions, its decentralized nature, and its potential to disrupt traditional financial systems. However, it has also faced criticism for its use in illegal transactions, its high electricity consumption, and its price volatility.