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Bitcoin (abbreviation: BTC; sign: ₿) is the first decentralized cryptocurrency. Nodes in the peer-to-peer bitcoin network verify transactions through cryptography and record them in a public distributed ledger, called a blockchain, without central oversight.
Bitcoin is a cryptocurrency, a digital asset that uses cryptography to control its creation and management rather than relying on central authorities. [1] . Originally designed as a medium of exchange, Bitcoin is now primarily regarded as a store of value.
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What is bitcoin & how does it work?
What is the history of bitcoin?
What is the technology behind Bitcoin?
When did bitcoin become a currency?
A cryptocurrency, crypto-currency, or crypto [a] is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. [2]
Nakamoto owns between 750,000 and 1,100,000 Bitcoin. [needs update] In November 2021, when Bitcoin reached a value of over $68,000, his net worth would have been up to $73 billion, making him the 15th-richest person in the world at the time.
- Transactions
- Security
- Payment Verification
- Data in The Blockchain
- Alleged Criminal Activity
- See Also
A bitcoin is defined by a sequence of digitally signed transactions that began with the bitcoin's creation, as a block reward. The owner of a bitcoin transfers it by digitally signing it over to the next owner using a bitcoin transaction, much like endorsing a traditional bank check. A payee can examine each previous transaction to verify the chain...
Various potential attacks on the bitcoin network and its use as a payment system, real or theoretical, have been considered. The bitcoin protocol includes several features that protect it against some of those attacks, such as unauthorized spending, double spending, forging bitcoins, and tampering with the blockchain. Other attacks, such as theft o...
Each miner can choose which transactions are included in or exempted from a block.A greater number of transactions in a block does not equate to greater computational power required to solve that block. Upon receiving a new transaction a node must validate it: in particular, verify that none of the transaction's inputs have been previously spent. T...
While it is possible to store any digital file in the blockchain, the larger the transaction size, the larger any associated fees become. Various items have been embedded, including URLs to websites, an ASCII art image of Ben Bernanke, material from the Wikileaks cables, prayers from bitcoin miners, and the original bitcoin whitepaper.
The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and the media. The FBI prepared an intelligence assessment, the SEC has issued a pointed warning about investment schemes using virtual currencies,and the U.S. Senate held a hearing on virtual currencies in November 2013. Severa...
List of cryptocurrencies. Since the creation of bitcoin in 2009, the number of new cryptocurrencies has expanded rapidly. [1] The UK's Financial Conduct Authority estimated there were over 20,000 different cryptocurrencies by the start of 2023, although many of these were no longer traded and would never grow to a significant size. [2]
A blockchain was created by a person (or group of people) using the name (or pseudonym) Satoshi Nakamoto in 2008 to serve as the public distributed ledger for bitcoin cryptocurrency transactions, based on previous work by Stuart Haber, W. Scott Stornetta, and Dave Bayer. [6]
