Bitcoin 101
The world needs an open protocol for money—one that isn't owned or controlled by any single entity
Your Guide to the World of Cryptocurrency
The world needs an open protocol for money—one that isn't owned or controlled by any single entity
Your Guide to the World of Cryptocurrency
Bitcoin is the world's first decentralized digital currency, often referred to as a cryptocurrency. Created in 2009 by an unknown person (or group) using the pseudonym Satoshi Nakamoto, Bitcoin operates on a peer-to-peer network without the need for intermediaries like banks or governments.
Key points:
Bitcoin stands out in the financial world due to several distinctive features:
To maximize the potential of your Bitcoin investment:
Security is crucial when dealing with Bitcoin. Here are some best practices:
Satoshi Nakamoto
www.bitcoin.org
Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
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