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Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.

From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be almost human bitcoin reference page as the most prominent triple entry bookkeeping system in existence. Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority.

The first Bitcoin specification and proof of concept was published in in a cryptography mailing list almost human bitcoin reference page Satoshi Nakamoto.

Satoshi left the project in late without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin.

Satoshi's anonymity often raised unjustified concerns, many of which are linked to misunderstanding of the open-source nature of Bitcoin. The Bitcoin protocol and software are published openly and any developer around the world can review the code or make their own modified version of the Bitcoin software. Just like current developers, Satoshi's influence was limited to the changes he made being adopted by others and therefore he did not control Bitcoin. As such, the identity of Bitcoin's inventor is probably as relevant today as the identity of the person who invented paper.

Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world.

While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users.

Therefore, all users and developers have a strong incentive to protect this consensus. From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows a user to send and receive bitcoins with them. This is how Bitcoin works for most users. Behind the scenes, the Bitcoin network is sharing a public ledger called the "block chain".

This ledger contains every transaction ever processed, almost human bitcoin reference page a user's computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin addresses.

In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in bitcoins for this service. This is often called "mining". To learn more about Bitcoin, you can consult the dedicated page and the original paper.

There are a almost human bitcoin reference page number of businesses and individuals using Bitcoin. This includes brick-and-mortar businesses like restaurants, apartments, and law firms, as well as popular online services such as Namecheap, Overstock. While Bitcoin remains a relatively new phenomenon, it is growing fast. At the end of Aprilthe total value of all existing bitcoins exceeded 20 billion US dollars, with millions of dollars worth of bitcoins exchanged daily. While it may be possible to find individuals who wish to sell bitcoins in almost human bitcoin reference page for a credit card or PayPal payment, most exchanges do not allow funding via these payment methods.

This is due to cases where someone buys bitcoins with PayPal, and then reverses their half of the transaction. This is commonly referred to as a chargeback. Bitcoin payments are easier to make than debit or credit card purchases, and can be received without a merchant account. Payments almost human bitcoin reference page made from almost human bitcoin reference page wallet application, either on your computer or smartphone, by entering the recipient's address, almost human bitcoin reference page payment amount, and pressing send.

To make it easier to almost human bitcoin reference page a recipient's address, many wallets can obtain the address by scanning a QR code or touching two phones together with NFC technology. Much of the trust in Bitcoin comes from the fact that it requires no trust at all.

Bitcoin is fully open-source and decentralized. This means that anyone has access to the entire source code at any time. Any developer in the world can therefore verify exactly how Bitcoin works. All transactions and bitcoins issued into existence can be transparently consulted in real-time by anyone.

All payments can be made without reliance on a third party and the whole system is protected by heavily peer-reviewed cryptographic algorithms like those used for online banking. No organization or individual can control Bitcoin, and the network remains secure even if not all of its users can be trusted. You should never expect to get rich with Bitcoin or any emerging technology. It is always important to be wary of anything that almost human bitcoin reference page too good to be true or disobeys basic economic rules.

Bitcoin is a growing space of innovation and almost human bitcoin reference page are business opportunities that also include risks. There is no guarantee that Bitcoin will continue to grow even though it has developed at a very fast rate so far.

Investing time and resources on anything related to Bitcoin requires entrepreneurship. There are various ways to make money with Bitcoin such as mining, speculation or running new businesses. All of these methods are competitive and there is no guarantee of profit. It is up to each individual to make a proper evaluation of the costs and the risks involved in any such project.

Bitcoin is as virtual as the credit cards and online banking networks people use everyday. Bitcoin can be used to pay online and in physical stores just like any other form of money. Bitcoins can also be exchanged in physical form such as the Denarium coinsbut paying with a mobile phone usually remains more convenient. Bitcoin balances are stored in a large distributed network, and they cannot be fraudulently altered by anybody.

In other words, Bitcoin users have exclusive control over almost human bitcoin reference page funds and bitcoins cannot vanish just because they are virtual. Bitcoin is designed to allow its users to send and receive payments with an acceptable level of privacy as well as any other form of money. However, Bitcoin is not anonymous and cannot offer the same level of privacy as cash. The use of Bitcoin leaves extensive public records. Various mechanisms exist to protect users' privacy, and more are in development.

However, there is still work to be done before these features are used correctly by most Bitcoin users. Some concerns have been raised that private transactions could be used for illegal purposes with Bitcoin.

However, almost human bitcoin reference page is worth noting that Bitcoin will undoubtedly be subjected to similar regulations that are already in place inside existing financial systems. Bitcoin cannot be more anonymous than cash and it is not likely to prevent criminal investigations from being conducted. Additionally, Bitcoin is also designed to prevent a large range of financial crimes.

When a user loses his wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins.

However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key s that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. The Bitcoin network can already process a much higher number of transactions per second than it does today. It is, however, not entirely ready to scale to the level of major credit card networks.

Work is underway to lift current limitations, and future requirements are well known. Since inception, every aspect of the Bitcoin network has been in a continuous process of maturation, optimization, and specialization, and it should be expected to remain that way for some years to come. As traffic grows, more Bitcoin users may use lightweight clients, and full network nodes may become a more specialized service.

For more details, see the Scalability page on the Wiki. To the best of our knowledge, Bitcoin has not been made illegal by legislation in most jurisdictions.

However, some jurisdictions such as Argentina and Russia severely restrict or ban foreign currencies. Other jurisdictions such as Thailand may limit the licensing of certain entities such as Bitcoin exchanges. Regulators from various jurisdictions are taking steps to provide individuals and businesses with rules on how to integrate this new technology with the formal, regulated financial system.

Bitcoin is money, and money has always been used both for legal and illegal purposes. Almost human bitcoin reference page, credit cards and current banking systems widely surpass Bitcoin in terms of their use to finance crime. Bitcoin can bring significant innovation in payment systems and the benefits of such innovation are often considered to be far beyond their potential drawbacks.

Bitcoin is designed to be a huge step forward in making money more secure and could also act as a significant protection against many forms of financial crime. For instance, bitcoins are completely impossible to counterfeit. Users are in full control of their payments and cannot receive unapproved charges such as with credit card almost human bitcoin reference page.

Bitcoin transactions are irreversible and immune to fraudulent chargebacks. Almost human bitcoin reference page allows money to be secured against theft and loss using very strong and useful mechanisms such as backups, encryption, and multiple signatures.

Some concerns have been raised that Bitcoin could be more attractive to criminals because it can be used to make private and irreversible payments. However, these features already exist with cash and wire transfer, which are widely used and well-established.

The use of Bitcoin will undoubtedly be subjected to almost human bitcoin reference page regulations that are already in place inside existing financial systems, and Bitcoin is not likely to prevent criminal investigations from being conducted.

Almost human bitcoin reference page general, it is common for important breakthroughs to be perceived as being controversial before their benefits are well understood. The Internet is a good example among many others to illustrate this. The Bitcoin protocol itself cannot be modified without the cooperation of nearly all its users, who choose what software they use.

Attempting to assign special rights to a local authority in the rules of the global Bitcoin network is not a practical possibility. Any rich organization could choose to invest in mining hardware to control half almost human bitcoin reference page the computing power of the network and become able to block or reverse recent transactions.

However, there is no guarantee that they could retain this power since this requires to invest as much than all other miners in the world. It is however possible to regulate the use of Bitcoin in a similar way to any other instrument. Just like the dollar, Bitcoin can be used for a wide variety of purposes, some of which can be considered legitimate or not as per each jurisdiction's laws.

In this regard, Bitcoin is no different than any other tool or resource and can be subjected to different regulations in each country.

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Satoshi Nakamoto is the name used by the unknown person or people who developed bitcoin , authored the bitcoin white paper, and created and deployed bitcoin's original reference implementation. They were active in the development of bitcoin up until December In October , Nakamoto published a paper [6] [7] on the cryptography mailing list at metzdowd. It was titled "Bitcoin: In January , Nakamoto released the first bitcoin software that launched the network and the first units of the bitcoin cryptocurrency , called bitcoins.

Nakamoto claimed that work on the writing of the code began in The implemented solution enabled specialized codes and data fields from the start through the use of a predicative script. Nakamoto created a website with the domain name bitcoin. Around this time, he handed over control of the source code repository and network alert key to Gavin Andresen , [13] transferred several related domains to various prominent members of the bitcoin community, and stopped his involvement in the project.

Until shortly before his absence and handover, Nakamoto made all modifications to the source code himself. On 3 January , the bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of bitcoin block number 0 , which had a reward of 50 bitcoins. The text refers to a headline in The Times published on 3 January This block is unlike all other blocks in that it doesn't have a previous block to reference. Timestamps for subsequent blocks indicate that Nakamoto did not try to mine all the early blocks solely for himself.

As initially the sole and subsequently the predominant miner, Nakamoto was awarded bitcoin at genesis and for 10 days afterwards. Nakamoto has not disclosed any personal information when discussing technical matters. On his P2P Foundation profile as of , Nakamoto claimed to be a year-old male who lived in Japan , [25] but some speculated he was unlikely to be Japanese due to his use of perfect English and his bitcoin software not being documented or labelled in Japanese. Occasional British English spelling and terminology such as the phrase "bloody hard" in both source code comments and forum postings led to speculation that Nakamoto, or at least one individual in the consortium claiming to be him, was of Commonwealth origin.

Stefan Thomas, a Swiss coder and active community member, graphed the time stamps for each of Nakamoto's bitcoin forum posts more than ; the resulting chart showed a steep decline to almost no posts between the hours of 5 a.

This was between 2 p. Japanese time , suggesting an unusual sleep pattern for someone presumably living in Japan. As this pattern held true even on Saturdays and Sundays, it suggested that Nakamoto was asleep at this time. This is an earlier draft than the final draft on bitcoin. Gavin Andresen has said of Nakamoto's code: There is still doubt about the real identity of Satoshi Nakamoto.

In December , a blogger named Skye Grey linked Nick Szabo to the bitcoin whitepaper using a stylometric analysis. Detailed research by financial author Dominic Frisby provides much circumstantial evidence but, as he admits, no proof that Satoshi is Szabo.

In a July email to Frisby, he said: I'm afraid you got it wrong doxing me as Satoshi, but I'm used to it'. Besides his name, Goodman pointed to a number of facts that circumstantially suggested he was the bitcoin inventor. Nakamoto was laid off twice in the early s and turned libertarian , according to his daughter, and encouraged her to start her own business "not under the government's thumb.

It's been turned over to other people. They are in charge of it now. I no longer have any connection. Hal Finney 4 May — 28 August was a pre-bitcoin cryptographic pioneer and the first person other than Nakamoto himself to use the software, file bug reports, and make improvements.

However, after meeting Finney, seeing the emails between him and Nakamoto and his bitcoin wallet's history including the very first bitcoin transaction from Nakamoto to him, which he forgot to pay back and hearing his denial, Greenberg concluded that Finney was telling the truth.

On 8 December , Wired wrote that Craig Steven Wright , an Australian academic, "either invented bitcoin or is a brilliant hoaxer who very badly wants us to believe he did".

The same day, Gizmodo published a story with evidence obtained by a hacker who supposedly broke into Wright's email accounts, claiming that Satoshi Nakamoto was a joint pseudonym for Craig Steven Wright and computer forensics analyst David Kleiman , who died in His business premises in Ryde, New South Wales were also searched by police. The Australian Federal Police stated they conducted searches to assist the Australian Taxation Office and that "This matter is unrelated to recent media reporting regarding the digital currency bitcoin.

In articles released on the same day, journalists from the BBC and The Economist stated that they saw Wright signing a message using the private key associated with the first bitcoin transaction. Some people will believe, some people won't, and to tell you the truth, I don't really care. I didn't decide [to reveal my identity now]. People decided this matter for me. And they're making life difficult not for me but my friends, my family, my staff. They want to be private. They don't want all of this to affect them.

And I don't want any of them to be impacted by this. None of it's true. There are lots of stories out there that have been made up. And I don't like it hurting those people I care about. So I am going to do this thing only once.

I am going to come in front of a camera once. And I will never, ever, be on the camera ever again for any TV station, or any media, ever. Wright's claim was supported by Jon Matonis former director of the Bitcoin Foundation and bitcoin developer Gavin Andresen , both of whom met Wright and witnessed a similar signing demonstration. However, bitcoin developer Peter Todd said that Wright's blog post, which appeared to contain cryptographic proof, actually contained nothing of the sort.

On 4 May , Wright made another post on his blog intimating his intentions to publish "a series of pieces that will lay the foundations for this extraordinary claim". I believed that I could put the years of anonymity and hiding behind me.

But, as the events of this week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. On Thursday 5 May shortly before closing his blog, Wright sent around an email link to a news story from an impostor site resembling SiliconAngle saying "Craig Wright faces criminal charges and serious jail time in UK". Wright stated that "I am the source of terrorist funds as bitcoin creator or I am a fraud to the world. At least a fraud is able to see his family.

There is nothing I can do. Three True Stories" in which O'Hagan spends several weeks with Wright at the request of Wright's public relations team; which, as revealed in the book, was set up as a result of a business deal between Wright and various individuals including Calvin Ayre after bitcoin was created. All of those involved in the described business deal seemed to agree that they wanted a significant event in human history to be documented by a writer with complete impartiality and freedom to investigate.

O'Hagan was with Wright during the time of his various media interviews. O'Hagan also interviews Wright's wife, colleagues and many of the other people involved in his claims. Further, O'Hagan suggests that Wright provided an invalid private key because he was legally unable to provide the valid one as a result of legal obligations agreed as part of a Seychelles trust deal previously reached.

O'Hagan's book also corroborates the suggestion that both Wright and David Kleiman were the identies of the moniker "Satoshi Nakamoto". He had told the BBC that he had not wanted to come out into the spotlight but needed to dispel damaging rumours affecting his family, friends and colleagues.

But O'Hagan shows us something rather different - a man under intense pressure from business associates who stood to profit from him if he could be shown to be Nakamoto.

This is in reference to O'Hagan's firsthand account, which describes business associates as being furious when they learned that Wright had provided invalid proof despite showing them valid proof privately and for his failure to disclose the details of the Seychelles Trust deal which meant that he could neither provide said proof publicly or yet gain access to the bitcoin attributed to Nakamoto. Cellan-Jones concludes his article by expressing doubts about Wright but admits "It seems very likely he was involved, perhaps as part of a team that included Dave Kleiman and Hal Finney, the recipient of the first transaction with the currency.

Ian Grigg, who is credited with inventing triple entry accounting [84] describes the events as follows [85]:. Firstly, Satoshi Nakamoto is not one human being. It is or was a team. Craig Wright named one person in his recent communications, being the late Dave Kleinman. Craig did not name others, nor should I. While he was the quintessential genius who had the original idea for Bitcoin and wrote the lion's share of the code, Craig could not have done it alone.

Satoshi Nakamoto was a team effort. New Liberty Dollar issuer Joseph VaughnPerling says he met Wright at a conference in Amsterdam three years before publication of the bitcoin white paper and that Wright introduced himself as Satoshi Nakamoto at that time.

In a article in The New Yorker , Joshua Davis claimed to have narrowed down the identity of Nakamoto to a number of possible individuals, including the Finnish economic sociologist Dr. Vili Lehdonvirta and Irish student Michael Clear, [88] then a graduate student in cryptography at Trinity College Dublin and now a post-doctoral student at Georgetown University.

All three men denied being Nakamoto when contacted by Penenberg. The late Dave Kleiman has been also named as a possible candidate, and Craig Wright claimed an association with him as well. Trammell, a Texas-based security researcher, was suggested as Nakamoto, but he publicly denied it.

The two based their suspicion on an analysis of the network of bitcoin transactions, [99] but later retracted their claim. Some have considered that Nakamoto might be a team of people: Dan Kaminsky , a security researcher who read the bitcoin code, [] said that Nakamoto could either be a "team of people" or a "genius"; [26] Laszlo Hanyecz, a former Bitcoin Core developer who had emailed Nakamoto, had the feeling the code was too well designed for one person.

A article [] published by a former SpaceX intern espoused the possibility of SpaceX and Tesla CEO Elon Musk being the real Satoshi, based on Musk's technical expertise with financial software and history of publishing whitepapers. However, in a tweet on November 28th, Musk denied the claim.

From Wikipedia, the free encyclopedia. Archived from the original on 21 August Retrieved 3 November The great chain of being sure about things". Archived from the original on 3 July Retrieved 18 June Archived from the original on 11 August