Bitcoin is a cryptocurrency and worldwide payment system. It’s the first decentralized digital currency, as the machine works with out a central bank or single administrator. The network is peer-to-peer and transactions happen between users directly, lacking any intermediary. These transactions are verified by network nodes by using cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of folks under the name Satoshi Nakamoto and released as open-source software in ’09 2009.
Bitcoins are manufactured as an incentive for an activity known as mining. They could be exchanged for other currencies, products, and services. By February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Research made by the University of Cambridge estimates that in 2017, there are 2.9 to 5.8 million unique users by using a cryptocurrency wallet, almost all of them using bitcoin.
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