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Bitcoin () is a cryptocurrency, a form of electronic money. It is a decentralized electronic currency with no central bank or single administrator that can be sent out of user-to-user on the peer reviewed bitcoin network with no need for intermediaries.7

Transactions are confirmed by network nodes through cryptography and listed in a public distributed ledger known as a blockchain. Bitcoin was invented by an unknown person or group of individuals using the name Satoshi Nakamoto9 and released as open-source applications in 2009.10 Bitcoins are made as a reward for a process known as mining.

Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.12.

Bitcoin has been criticized because of its use in illegal transactions, its own high electricity consumption, cost volatility, thefts from exchanges, and the possibility that bitcoin is an economic bubble.13 Bitcoin has also been utilized as an investment, even though several regulatory agencies have issued investor alerts about bitcoin.14

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The domain name"bitcoin.org" was registered on 18 August 2008.15 On 31 October 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System5 was submitted to a cryptography mailing list.16 Nakamoto implemented the bitcoin software as open-source code and published it in January 2009.171810 Nakamoto's identity remains unknown.9.

In January 2009, the bitcoin network was created when Nakamoto mined the first block of the chain, known as the genesis block.1920 Embedded in the coinbase of the cube has been the following text:"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. "10 This note has been interpreted as both a timestamp and a comment on the instability caused by fractional-reserve banking.21:18.

The recipient of the initial bitcoin transaction was cypherpunk Hal Finney, that created the first reusable proof-of-work system (RPOW) in 2004.22 Finney downloaded the bitcoin software on its launch date, and on 12 January 2009 obtained ten bitcoins from Nakamoto.2324 Other ancient cypherpunk supporters were founders of bitcoin predecessors: Wei Dai, founder of b-money, and Nick Szabo, founder of bit golden.25 In 2010, the earliest known business transaction using bitcoin happened when programmer Laszlo Hanyecz purchased two Papa John's pizzas for 10,000 bitcoin.26.

Nakamoto is estimated to have mined one million bitcoins27 before disappearing in 2010, when he handed the network awake key and control of the code repository over Gavin Andresen. Andresen later became lead programmer at the Bitcoin Foundation.2829 Andresen then sought to decentralize control. This left opportunity for controversy to grow over the future development path of bitcoin.3029.

After ancient"proof-of-concept" transactions, the first major users of bitcoin were black markets, such as Silk Road. During its 30 months of existence, beginning in February 2011, Silk Road exclusively accepted bitcoins as payment, transacting 9.9 million in bitcoins, worth roughly $214 million.31:222

In 2011, the price started at $0.30 each bitcoin, growing to $5.27 for the year. The price rose to $31.50 on 8 June. Within a month the cost fell to $11.00. The next month it fell to $7.80, and in another month to $4.77.32

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Litecoin, an early bitcoin spin-off or altcoin, appeared in October 2011.33 Many altcoins have been made since then.34

In 2012, bitcoin prices began at $5.27 growing to $13.30 for the calendar year.32 By 9 January the price had risen to $7.38, but then dropped by 49% to $3.80 over the next 16 days. The cost then rose to $16.41 on try this 17 August, but dropped by 57% to $7.10 over the next 3 days.35.

In March 2013 that the blockchain temporarily split into two independent chains with different rules. The two blockchains operated simultaneously for half an hour, each with its own version of the transaction history. Normal operation was restored when the vast majority of the network downgraded to version 0.7 of the bitcoin applications.37 The Mt.

Gox experienced processing delays because of insufficient capacity44 resulting in the bitcoin price dropping from $266 to $76 prior to returning to $160 within six hours.45 The bitcoin cost rose to $259 on 10 April, but then crashed by 83% to $45 within the next 3 days.35 On 15 May my latest blog post 2013, US government seized accounts associated with Mt.

881.48 This marked the first time a government agency had captured bitcoin.4950 The FBI captured about 26,000 bitcoins in October 2013 in the dark web website Silk Road during the arrest of Ross William Ulbricht.515253 Bitcoin's cost climbed to $755 on 19 November and dropped by 50% to $378 the same moment.

In 2014, prices began at $770 and dropped to $314 for the year.32 In February 2014 the Mt. Gox exchange, the largest bitcoin exchange in the moment, stated that 850,000 bitcoins had been stolen from its customers, amounting to almost $500 million. Bitcoin's price fell by nearly half, from $867 to $439 (a 49% drop).

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