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Bitcoin is a digital currency created in 2009 by an anonymous programmer known as Satoshi Nakamoto as a medium of exchange without reliance on financial institutions. Bitcoin uses public-key cryptography where users have a public and private key to conduct transactions that are recorded on a decentralized blockchain ledger. New Bitcoins are created through a process called mining where users solve complex mathematical problems and receive Bitcoins as a reward, with the difficulty of problems adjusting to limit supply to around 21 million total.
Bitcoin is a digital currency created in 2009 by an anonymous programmer known as Satoshi Nakamoto as a medium of exchange without reliance on financial institutions. Bitcoin uses public-key cryptography where users have a public and private key to conduct transactions that are recorded on a decentralized blockchain ledger. New Bitcoins are created through a process called mining where users solve complex mathematical problems and receive Bitcoins as a reward, with the difficulty of problems adjusting to limit supply to around 21 million total.
Bitcoin is a digital currency created in 2009 by an anonymous programmer known as Satoshi Nakamoto as a medium of exchange without reliance on financial institutions. Bitcoin uses public-key cryptography where users have a public and private key to conduct transactions that are recorded on a decentralized blockchain ledger. New Bitcoins are created through a process called mining where users solve complex mathematical problems and receive Bitcoins as a reward, with the difficulty of problems adjusting to limit supply to around 21 million total.
as Satoshi Nakamoto in 2009. Owners of Bitcoins can use various Web sites to trade them for physical currencies, such as U.S. dollars or euros, or can exchange them for goods and services from a number of vendors. Nakamoto was concerned that traditional currencies were too reliant on the trustworthiness of banks to work properly. Nakamoto proposed a digital currency, Bitcoin, that could serve as a medium of exchange without relying on any financial institutions or governments. The proposal was made in October 2008 in a paper published on the Bitcoin Web site, which had been founded in August 2008. Bitcoin relies on public-key cryptography, in which users have a public key that is available for everyone to see and a private key known only to their computers. In a Bitcoin transaction, users receiving Bitcoins send their public keys to users transferring the Bitcoins. Users transferring the coins sign with their private keys, and the transaction is then transmitted over the Bitcoin network. So that no Bitcoin can be spent more than once at the same time, the time and amount of each transaction is recorded in a ledger file that exists at each node of the network. The identities of the users remain relatively anonymous, but everyone can see that certain Bitcoins were transferred. Transactions are put together in groups called blocks. The blocks are organized in a chronological sequence called the blockchain. Blocks are added to the chain using a mathematical process that makes it extremely difficult for an individual user to hijack the blockchain. The blockchain technology that underpins Bitcoin has attracted considerable attention, even from skeptics of Bitcoin, as a basis for allowing trustworthy record-keeping and commerce without a central authority. New Bitcoins are created by users running the Bitcoin client on their computers. The client “mines” Bitcoins by running a program that solves a difficult mathematical problem in a file called a “block” received by all users on the Bitcoin network. The difficulty of the problem is adjusted so that, no matter how many people are mining Bitcoins, the problem is solved, on average, six times an hour. When a user solves the problem in a block, that user receives a certain number of Bitcoins. The elaborate procedure for mining Bitcoins ensures that their supply is restricted and grows at a steadily decreasing rate. About every four years, the number of Bitcoins in a block, which began at 50, is halved, and the number of maximum allowable Bitcoins is slightly less than 21 million. As of late 2017 there were almost 17 million Bitcoins, and it is estimated that the maximum number will be reached around 2140.