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Monday, March 9, 2020

What is Bitcoin

Bitcoin is a cryptocurrency. It is a decentralized digital currency without a central bank or central administrator that can transfer user-to-user on the bitcoin network without the need for intermediaries.
Transactions are secured by the nodes of the network with encryption and are stored in a publicly distributed logbook called blockchain. Bitcoin was invented in 2008 by an unknown person or group by the name of Satoshi Nakamoto and started in 2009 when its source code was given to the internet as free software. The bitcoins were given as a fee for a process called mining. These can be redeemed with other currencies, products and services. Research done by Cambridge University estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.

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