Bitcoin - An Introduction

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Bitcoin is a decentralized digital currency, without a central bank or single administration, that can be sent from user to user on the peer-to-peer network without the need for intermediaries.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services, but the real-world value of the coins is extremely volatile.
Research produced by the University of Cambridge estimated that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.

Creation
The domain named bitcoin.org was registered on 18th August 2008. On 31st October 2008, a link to a paper authored by Santoshi Nakamoto titled Bitcoin: A Peer-to-peer Electronic Cash System. Nakamoto implemented the bitcoin software as open-source code and released it n January 2009.

On 3rd January 2009, the bitcoin network was created when Nakamoto mined the starting block of the chain, known as the genesis block.
The receiver of the first bitcoin transaction was Cypherpunk Hal Finney. Finney downloaded the bitcoin software on its release date, and on 12th January 2009 received 10 bitcoins from Nakamoto.

Blockchain analysts estimate that Nakamoto had mined about one million bitcoins before disappearing in 2010 when he handed the network alert kef and control of the code repository over to Gavin Andersen. Andersen later became the lead developer at the Bitcoin Foundation.

If you know more about bitcoin, share your Knowledge with us.

Comments

Shadab Qamar Khan said…
Please give your feedback
25 May 2021 at 11:14
Unknown said…
Written in a very simple language. it's helpful
25 May 2021 at 18:57
Unknown said…
Very informative
26 May 2021 at 00:22
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