Bitcoin: Difference between revisions
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[[Bitcoin]] is a [[Digital currency|cryptocurrency]] invented by programmer [[Satoshi Nakamoto]], who also developed the [[Original Bitcoin client]]. | [[Bitcoin]] is a decentralized [[Digital currency|cryptocurrency]] invented by programmer [[Satoshi Nakamoto]], who also developed the [[Original Bitcoin client]]. It allows for anonymous and secure ownership and transfers of amounts of bitcoins, without relying on any central server to process the transactions or store the accounts. | ||
Bitcoin is currently accepted in exchange for other currencies, such as dollars and euros, as well as directly for services and tangible goods. | Bitcoin is currently accepted in exchange for other currencies, such as dollars and euros, as well as directly for services and tangible goods. | ||
Revision as of 01:07, 3 March 2011
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Bitcoin is a decentralized cryptocurrency invented by programmer Satoshi Nakamoto, who also developed the Original Bitcoin client. It allows for anonymous and secure ownership and transfers of amounts of bitcoins, without relying on any central server to process the transactions or store the accounts.
Bitcoin is currently accepted in exchange for other currencies, such as dollars and euros, as well as directly for services and tangible goods.
History
- Main article: History of Bitcoin
The first mention of the concept of cryptocurrency is said to have been made in 1998 by Wei Dai on the cypherpunks mailing list.
Bitcoin can trace its origin to the B-money Proposal. The paper Bitcoin: A Peer-to-Peer Electronic Cash System describes the early concepts behind Bitcoin[1] and and precedes the first release of Bitcoin software.
The Bitcoin project was registered on November 9th, 2008. The Bitcoin network started up on January 3rd, 2009 with the genesis block. The genesis block contains a media reference to the dealings of a central banker in the UK.
On February 9, 2011, and for a few days afterwards, Bitcoin sold for over $1 in most exchanges.
In the history of bitcoin, there have been a few incidents, caused by problematic as well as malicious transactions. In the worst such incident, and the only one of its type, a person was able to pretend that he had a practically infinite supply of bitcoins, for almost 9 hours.