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'''Bitcoin''' ('''₿''') is a decentralized [[digital currency]], without a central bank or single administrator, that can be sent from user to user on the peer-to-peer [[bitcoin network|bitcoin network]] without the need for intermediaries. Transactions are verified by network [[Node|nodes]] through [[cryptography]] and recorded in a public [[distributed ledger]] called a [[blockchain]]. The [[cryptocurrency]] was invented in 2008 by an unknown person or group of people using the name [[Satoshi Nakamoto]]<ref>"[https://www.economist.com/blogs/economist-explains/2015/11/economist-explains-1 Who is Satoshi Nakamoto?"] ''The Economist newspaper''.</ref>. The currency began use in 2009<ref>[https://www.newyorker.com/magazine/2011/10/10/the-crypto-currency The Crypto-Currency: Bitcoin and its mysterious inventor] ''The New Yorker magazine''.</ref> when its implementation was released as open-source software. | '''Bitcoin''' ('''₿''') is a decentralized [[digital currency]], without a central bank or single administrator, that can be sent from user to user on the [[Peer to Peer|peer-to-peer]] [[bitcoin network|bitcoin network]] without the need for intermediaries. Transactions are verified by network [[Node|nodes]] through [[cryptography]] and recorded in a public [[distributed ledger]] called a [[blockchain]]. The [[cryptocurrency]] was invented in 2008 by an unknown person or group of people using the name [[Satoshi Nakamoto]]<ref>"[https://www.economist.com/blogs/economist-explains/2015/11/economist-explains-1 Who is Satoshi Nakamoto?"] ''The Economist newspaper''.</ref>. The currency began use in 2009<ref>[https://www.newyorker.com/magazine/2011/10/10/the-crypto-currency The Crypto-Currency: Bitcoin and its mysterious inventor] ''The New Yorker magazine''.</ref> when its implementation was released as open-source software. | ||
Bitcoins are created as a reward for a process known as [[#Mining|mining]]. They can be exchanged for other currencies, products, and services. | Bitcoins are created as a reward for a process known as [[#Mining|mining]]. They can be exchanged for other currencies, products, and services. | ||
Bitcoin has been criticized for its use in illegal transactions, the large amount of electricity (and thus carbon footprint) used by mining, price volatility, and thefts from exchanges. Some investors and economists have characterized it as a speculative bubble at various times. Others have used it as an investment, although several regulatory agencies have issued investor alerts about bitcoin. | Bitcoin has been criticized for its use in illegal transactions, the large amount of electricity (and thus carbon footprint) used by mining, price volatility, and thefts from exchanges. Some investors and economists have characterized it as a speculative bubble at various times. Others have used it as an investment, although several regulatory agencies have issued investor alerts about bitcoin. | ||
The word ''bitcoin'' was defined in a [[white paper]] published on 31 October 2008. It is a compound of the words ''bit'' and ''coin'' | The word ''bitcoin'' was defined in a [[Whitepaper|white paper]] published on 31 October 2008. It is a compound of the words ''bit'' and ''coin'' | ||
<references /> | <references /> | ||
[[Category:Glossary]] | [[Category:Glossary]] | ||
[[Category:Cryptocurrencies]] | [[Category:Cryptocurrencies]] | ||