- Bitcoin is a cryptocurrency and a payment system:3 invented:3,4 by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto
- Bitcoin was introduced on 31 October 2008 to a cryptography mailing list, and released as open-source software in 2009
- There have been various claims and speculation concerning the identity of Nakamoto, none of which are confirmed
- The system is peer-to-peer and transactions take place between users directly, without an intermediary
- These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain, which uses bitcoin as its unit of account
- Since the system works without a central repository or single administrator, the U
- Treasury categorizes bitcoin as a decentralized virtual currency
- Bitcoin is often called the first cryptocurrency, although prior systems existed and it is more correctly described as the first decentralized digital currency
- Bitcoin is the largest of its kind in terms of total market value
- Bitcoins are created as a reward in a competition in which users offer their computing power to establish the order of bitcoin transactions
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