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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. Consensus between nodes is achieved using a computationally intensive process based on proof of work, called mining, that guarantees the ...
Bitcoin protocol. The Bitcoin protocol is the set of rules that govern the functioning of Bitcoin. Its key components and principles are: a peer-to-peer decentralized network with no central oversight; the blockchain technology, a public ledger that records all Bitcoin transactions; mining and proof of work, the process to create new bitcoins ...
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Economics of bitcoin. Bitcoin was designed by its pseudonymous inventor, Satoshi Nakamoto, to work as a currency, but its status as a currency is disputed. [1] Economists define money as a store of value, a medium of exchange and a unit of account, and agree that bitcoin does not currently meet all these criteria.
El Salvador became the first country in the world to use bitcoin as legal tender, after having been adopted as such by the Legislative Assembly of El Salvador in 2021. It has been promoted by Nayib Bukele, the president of El Salvador, who claimed that it would improve the economy by making banking easier for Salvadorans, and that it would encourage foreign investment.
Bitcoin Cash is a cryptocurrency that is a fork of Bitcoin. Bitcoin Cash is a spin-off or altcoin that was created in 2017.[5][6] In November 2018, Bitcoin Cash split further into two cryptocurrencies: Bitcoin Cash and Bitcoin SV.[7] History Since its inception, Bitcoin users had maintained a common set of rules for the cryptocurrency.[8] On ...
BTC-e was a cryptocurrency trading platform primarily serving the Russian market, with servers located in the United States. The U.S. government seized their website and funds in 2017. [1] [2] It was founded in July 2011 by Alexander Vinnik and Aleksandr Bilyuchenko, [3] and as of February 2015 handled around 3% of all Bitcoin exchange volume. [4]
A logo for Bitcoin, the first decentralized cryptocurrency The genesis block of Bitcoin's blockchain, with a note containing The Times newspaper headline. This note has been interpreted as a comment on the instability caused by fractional-reserve banking.: 18 A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network ...
