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Bitcoin | BTC

Updated: Jan 7, 2022

Bitcoin () is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto (now also known as Craig Steven Wright). The currency began use in 2009 when its implementation was released as open-source software. Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.[7] Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining.

Bitcoin Transactions are:

  • The software can be installed by anybody worldwide.

  • Does not require any ID to use making it suitable for the unbanked, the privacy-conscious, computers or people in areas with underdeveloped financial infrastructure.

  • When used with care bitcoin can support strong financial privacy.

  • Nobody is able to block or freeze a transaction of any amount.

  • Transactions can be made almost as fast as data can travel over the Internet.

  • Fees can be very very low.

  • Irreversible once settled, like cash. (but consumer protection is still possible.)

  • Online and available 24 hours a day, 365 days per year.

Notable Content

What I Think of Bitcoin - By Ray Dalio - January 28, 2021

"I am writing this to clarify what I think of Bitcoin. Please pay attention to what I am saying here and not what those in the media are saying I said because this is reliable. I am finding that those who want to promote Bitcoin (which is most people) are characterizing it one way while those who are against it (which are a few scared souls cowering in a corner) are characterizing it another way. As with most things I comment on, the reality has pros and cons and I am trying to be as accurate as possible to communicate what I understand these to be." - Ray Dalio (What I think of Bitcoin)


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