Bitcoin is a cryptocurrency and
worldwide payment system. It is
the first decentralized digital currency, as the system works without a central bank or
single administrator. The
network is peer-to-peer and
transactions take place between users directly, without an intermediary. These
transactions are verified by network nodes through
the use of cryptography and
recorded in a public distributed ledger called a blockchain.
Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and
released as open-source software in 2009.
Bitcoins are created as a
reward for a process known as mining.
They can be exchanged for other currencies, products, and services. As of February
2015, over 100,000 merchants and vendors accepted bitcoin as payment. Research
produced by theUniversity of
Cambridge estimates
that in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency
wallet, most of them using Bitcoin.
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