Cryptocurrency

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Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto [11] and released as open-source software in Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, [13] products, and services. As of Februaryovermerchants and vendors accepted bitcoin as payment. The word bitcoin first occurred and was defined in the white paper [5] that was published on 31 October There is no uniform convention for bitcoin capitalization.

Some sources use Bitcoincapitalized, to refer to the technology and network and bitcoinlowercase, to refer to the unit of account. The unit of account of the bitcoin system is a bitcoin. Named in homage to bitcoin's creator, a satoshi is the smallest amount within bitcoin representing 0. As with most new symbols, font support is very limited. Typefaces supporting cryptocurrency better than bitcoin wiki include Horta.

On 18 Augustthe domain name "bitcoin. In Januarythe bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block. This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking.

The receiver of the first bitcoin transaction was cypherpunk Hal Finneywho created the first reusable proof-of-work system RPOW in In the early days, Nakamoto is estimated to have mined 1 million bitcoins. So, if I get hit by a bus, it would be clear that the project would go on. Over the history of Bitcoin there have been several spins offs and deliberate hard forks that have lived on as separate blockchains.

These have come to be known as "altcoins", short for alternative coins, since Bitcoin was the first blockchain and these are derivative of it. These spin offs occur so that cryptocurrency better than bitcoin wiki ideas can be tested, when the scope of that idea is outside that of Bitcoin, or when the community is split about merging such changes. Since then there have been numerous forks of Bitcoin. See list of bitcoin forks. The blockchain is a public ledger that records bitcoin transactions.

A novel solution accomplishes this without any trusted central authority: The blockchain is a distributed database — to achieve independent verification of cryptocurrency better than bitcoin wiki chain of ownership of any and every bitcoin amount, each network node stores its own copy of the blockchain. This allows bitcoin software to determine when a particular bitcoin amount has been spent, which is necessary in order to prevent double-spending in an environment without central oversight.

Whereas a conventional ledger records the transfers of cryptocurrency better than bitcoin wiki bills or promissory notes that exist apart from it, the blockchain is the only place that bitcoins can be said to exist in the form of unspent outputs of transactions. Transactions are defined using a Forth cryptocurrency better than bitcoin wiki scripting language.

When a user sends bitcoins, the user designates each address and the amount of bitcoin being sent to that address in an output. To prevent double spending, each input must refer to a previous unspent output in the blockchain. Since transactions can have multiple outputs, users can send bitcoins to multiple recipients in one transaction. As in a cash transaction, the sum of inputs coins used to pay can exceed the intended sum of payments.

In such a case, an additional output is used, returning the change back to the payer. Paying a transaction fee is optional. Because the size of mined blocks is capped by the network, miners choose transactions based on the fee paid relative to their storage size, not the absolute amount of money paid as a fee. The size of transactions is dependent on the number of inputs used to create the transaction, and the number of outputs. In the blockchain, bitcoins cryptocurrency better than bitcoin wiki registered to bitcoin addresses.

Creating a bitcoin address is cryptocurrency better than bitcoin wiki more than picking a random valid private key and computing the corresponding bitcoin address. This computation can be done in a split second. But the reverse computing the private cryptocurrency better than bitcoin wiki of a given bitcoin address is mathematically unfeasible and so users can tell others and make public a bitcoin address without cryptocurrency better than bitcoin wiki its corresponding private key.

Moreover, the number of valid private keys is so vast that it is extremely unlikely someone will compute a key-pair that is already in use and has funds. The vast number of valid private keys makes it unfeasible that brute force cryptocurrency better than bitcoin wiki be used for that. To be able to spend the bitcoins, the owner must know the corresponding private key and digitally sign the transaction.

The network verifies the signature using the public key. If the private key is lost, the bitcoin network will not recognize any other evidence of cryptocurrency better than bitcoin wiki [9] the coins are then unusable, and effectively lost.

Mining is a record-keeping service done through the use of computer processing power. To be accepted by the rest of the network, a new block must contain a so-called proof-of-work PoW. Every 2, blocks approximately 14 days at roughly 10 min per blockthe difficulty target is adjusted based on the network's recent performance, with the aim of keeping the average time between new blocks at ten minutes.

In this way the system automatically adapts to the total amount of mining power on the network. The proof-of-work system, alongside the chaining of blocks, makes modifications of the blockchain extremely hard, as an attacker must modify all subsequent blocks in order for the modifications of one block to be accepted. Computing power is often bundled together or "pooled" to reduce variance in miner income. Individual mining rigs often have to wait for long periods to confirm a block of transactions and receive payment.

In a pool, all participating miners get paid every time a participating server solves a block. This payment depends on the amount of work an individual miner contributed to help find that block. The successful miner finding the new block is rewarded with newly created bitcoins and transaction fees. To claim the reward, a special transaction called a coinbase is included with the processed payments.

The bitcoin protocol specifies that the reward for adding a block will be halved everyblocks approximately every four years. Eventually, the reward will decrease to zero, and the limit of 21 million bitcoins [f] will be reached c. Their numbers are being released roughly every ten minutes and the rate at which they are generated would drop by half every four years until all were in circulation. A wallet stores the information necessary to transact bitcoins. While wallets are often described as a place to hold [60] or store bitcoins, [61] due to the nature of the system, bitcoins are inseparable from the cryptocurrency better than bitcoin wiki transaction ledger.

A better way to describe a wallet is something that "stores the digital credentials for your bitcoin holdings" [61] and allows one to access and spend them. Bitcoin uses public-key cryptographyin which two cryptographic keys, one public and one private, are generated. There are three modes which wallets can operate in. They have an inverse relationship with regards to trustlessness and cryptocurrency better than bitcoin wiki requirements.

Third-party internet services called online wallets offer similar functionality but may be easier to use. In this case, credentials to access funds are stored with the online wallet provider rather than on the user's hardware.

A malicious provider or a breach in server security may cause entrusted bitcoins to be stolen. An example of such a security breach occurred with Mt. Physical wallets store offline the credentials necessary to spend bitcoins. Another type of wallet called a hardware wallet keeps credentials offline while facilitating transactions. The first wallet program — simply named "Bitcoin" — was released in by Satoshi Nakamoto as open-source code.

While a decentralized system cannot have an "official" implementation, Bitcoin Core is considered by some to be bitcoin's preferred implementation. Bitcoin was designed not to cryptocurrency better than bitcoin wiki a central authority [5] and the bitcoin network is considered to be decentralized. In mining pool Ghash. The pool has voluntarily capped their hashing power at Bitcoin is pseudonymousmeaning that funds are not tied to real-world entities but rather bitcoin addresses.

Owners of bitcoin addresses are not explicitly identified, but all transactions on the blockchain are public. In addition, transactions can be linked to individuals and companies through "idioms of use" e.

To heighten financial privacy, a new bitcoin address can be generated for each transaction. Wallets and similar software technically handle all bitcoins as equivalent, establishing the basic level of fungibility. Researchers have pointed out that the history of each bitcoin is registered and publicly available in the blockchain ledger, and that some users may refuse to accept bitcoins coming from controversial transactions, which would harm bitcoin's fungibility.

The blocks in the blockchain were originally limited to 32 megabyte in size. The block size limit of one megabyte was introduced by Satoshi Nakamoto inas an anti-spam measure. On 24 August at block, Segregated Witness SegWit went live, introducing a new transaction format where signature data is separated and known as the witness.

The upgrade replaced the block size limit with a limit on a new measure called block weightwhich counts non-witness data four times as much as witness data, and allows a maximum weight of 4 megabytes.

Bitcoin is a digital asset designed by its inventor, Satoshi Nakamoto, to work as a currency. The question whether bitcoin is a currency or not is still disputed. According to research produced by Cambridge Universitythere were between 2. The number of users has grown significantly sincewhen there wereto 1. Inthe cryptocurrency better than bitcoin wiki of merchants accepting bitcoin exceededReasons for this fall include high transaction fees due to bitcoin's scalability issues, long transaction times and a rise in value making consumers unwilling to spend it.

Merchants accepting bitcoin ordinarily use the services of bitcoin payment service providers cryptocurrency better than bitcoin wiki as BitPay or Coinbase. When a customer pays in bitcoin, the payment service provider accepts the bitcoin on behalf of the merchant, converts it to the local currency, and sends the obtained amount to merchant's bank account, charging a fee for the service.

Bitcoins can be bought on digital currency exchanges. According to Tony Gallippia co-founder of BitPay"banks are scared to deal with bitcoin companies, even if they really want to". In a report, Bank of America Merrill Lynch stated that "we believe bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money-transfer providers.

Plans were announced to include a bitcoin futures option on the Chicago Mercantile Exchange in Some Argentinians have bought bitcoins to protect their savings against high inflation or the possibility that governments could confiscate savings accounts.

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This is a list of cryptocurrencies. From Wikipedia, the free encyclopedia. Cryptocurrency with the most famous, popular, notable and highest market capitalization. First block chain to support currency creation by interest paid on debt. Solidus Bond proto smart-contract. One of the first digital coins patented in the US. First block chain to support encrypted mail with attachments.

Not based on bitcoin. It is commonly used to convert other cryptocurrencies to USD. Retrieved December 31, A Brief Thematic Review. Economics of Networks Journal. Date accessed August 28, Retrieved January 24, Retrieved January 14, A guide to some other crypto currencies". Association for Computing Machinery. Retrieved July 24, Accessed December 28, Retrieved December 14, Archived from the original on Retrieved November 14, Retrieved April 9, Retrieved April 11, Using the Blockchain for Good".

Retrieved January 20, Retrieved January 18, Mining Crypto currency with a Purpose". Retrieved January 15, Archived from the original on February 3, Retrieved December 21, The Wall Street Journal.

Retrieved October 13, Retrieved November 13, Retrieved June 18, Retrieved November 18, Grayscale launches digital-currency fund backed by Silver Lake's co-founder Hutchins". Retrieved April 27, Retrieved December 27, Retrieved October 20, Retrieved September 14, February 10, — via GitHub. Retrieved January 11, Retrieved January 13, Ethereum Ethereum Classic KodakCoin. Dogecoin Gulden Litecoin PotCoin.

Dash Decred Primecoin Auroracoin. Proof-of-authority Proof-of-space Proof-of-stake Proof-of-work system. Anonymous Internet banking Bitcoin network Complementary currency Crypto-anarchism Cryptocurrency exchange Digital currency Double-spending Electronic money Initial coin offering Airdrop Virtual currency. Retrieved from " https: Wikipedia indefinitely semi-protected pages Use mdy dates from January Articles containing potentially dated statements from April All articles containing potentially dated statements.

Views Read View source View history. This page was last edited on 6 May , at By using this site, you agree to the Terms of Use and Privacy Policy. Satoshi Nakamoto [nt 1]. SHA-2 56d [6] [7]. The first decentralized ledger currency. The first cryptocurrency to use Scrypt as a hashing algorithm. Vincent Durham [11] [12]. Also acts as an alternative, decentralized DNS.

First digital coin with theoretical value based on the work required to produce electricity. First cryptocurrency based on the CryptoNote algorithm. Focused on user privacy through impassive and anonymous transactions. Sunny King pseudonym [15]. Trusted storage for any small data: The first cryptocurrency linked to citizen science through the Berkeley Open Infrastructure for Network Computing [28] [29]. Uses the finding of prime chains composed of Cunningham chains and bi-twin chains for proof-of-work, which can lead to useful byproducts.

Ripple [32] [33] [34]. Designed for peer to peer debt transfer. Specifically designed as a flexible platform to build applications and financial services around its protocol. Baldur Odinsson pseudonym [40].

Used American hip hop artist Kanye West as its mascot, abandoned after trademark lawsuit. A bitcoin -based currency featuring instant transactions, decentralized governance and budgeting, and private transactions.

Privacy-centric coin using the CryptoNote protocol with improvements for scalability and decentralization. Scala , Java [51]. The first cryptocurrency to be nominated for a major adult industry award. Open-source, decentralized global financial network.

Supports Turing-complete smart contracts. Jan Ludovicus van der Velde [67]. Scala , JavaScript [71]. Open blockchain platform, featuring token creation, distributed exchange and fast, high volume, transactions designed for ease of use [72] and mass adoption. Feeless Smart contract platform for decentralized applications and decentralized autonomous corporations with a block time of ms. KodakCoin is a "photographer-centric" blockchain cryptocurrency used for payments for licensing photographs.

First cryptocurrency backed by Venezuela 's reserves of oil.