Bitcoin is a Cryptocurrency. It’s digital Decentralized currency without a central bank or authority and single administrator that could be sent from user to user on peer to peer network over bitcoin network without any intermediaries
All transactions are verified by nodes in the network using cryptographic algorithms and then saved in distributed ledger known as blockchain.
Bitcoin was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009. when its source code was released as open-source software. Bitcoins are created as a reward for a process known as mining.
The domain name "bitcoin.org" was registered on 18 August 2008. On 31 October 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. Nakamoto implemented the bitcoin software as open-source code and released it in January 2009. Nakamoto's identity remains unknown.
The receiver of the first bitcoin transaction was cypherpunk Hal Finney, who had created the first reusable proof-of-work system (RPoW) in 2004. Finney downloaded the bitcoin software on its release date, and on 12 January 2009 received ten bitcoins from Nakamoto. Other early cypherpunk supporters were creators of bitcoin predecessors: Wei Dai, creator of b-money, and Nick Szabo, creator of bit gold. In 2010, the first known commercial transaction using bitcoin occurred when programmer Laszlo Hanyecz bought two Papa John's pizzas for ₿10,000. Bitcoin all-time high of $19,783.06 on 17 December 2017.
Currently, it says Bitcoin is illegal in only the following ten countries or regions: Afghanistan, Algeria, Bangladesh, Bolivia, Pakistan, Qatar, Republic of Macedonia, Saudi Arabia, Vanuatu, and Vietnam whereas China and India “restrict” the use of bitcoin in its market as it makes negative impact over the tax department and promote illegal business like drugs and weapons.
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