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Bitcoin Topic central

Bitcoin is a decentralized digital currency that Introduction Technical

enables instant payments to anyone, anywhere Getting started articles
in the world. Bitcoin uses peer-to-peer Myths Protocol
technology to operate with no central authority: Securing your specification
transaction management and money issuance are carried wallet Best practices
out collectively by the network. FAQ (https://e for traders
n.bitcoin.it/wik Bitcoin
The original Bitcoin software by Satoshi Nakamoto was i/Help:FAQ) Improvement
released under the MIT license. Most client software, Bitcoin Proposals
derived or "from scratch", also use open source licensing. statistics Privacy

Bitcoin is the first successful implementation of a

distributed crypto-currency, described in part in 1998 by Software Clients /
Wei Dai on the cypherpunks mailing list. Building upon Mining Frontends
the notion that money is any object, or any sort of record, Exchanges Economics
accepted as payment for goods and services and Local Receiving
repayment of debts in a given country or socio-economic Directories donations with
context, Bitcoin is designed around the idea of using Marketing bitcoin
cryptography to control the creation and transfer of resources Meetups and
money, rather than relying on central authorities. People Conferences

Bitcoins have all the desirable properties of a money-like

good. They are portable, durable, divisible, recognizable, FAQ
fungible, scarce and difficult to counterfeit.
Q. What is Bitcoin?

Why? A. Bitcoin is a peer-to-peer currency. Peer-to-

Bitcoin is P2P electronic cash that is valuable over legacy
systems because of the monetary autonomy it brings to its
users. Bitcoin seeks to address the root problem with
conventional currency: all the trust that's required to make
it work -- Not that justified trust is a bad thing, but trust
makes systems brittle, opaque, and costly to operate. Trust
failures result in systemic collapses, trust curation creates
inequality and monopoly lock-in, and naturally arising
trust choke-points can be abused to deny access to due
process. Through the use of cryptographic proof,
decentralized networks and open source software Bitcoin
minimizes and replaces these trust costs.
Bitcoin Transactions are:
Permissionless and borderless. The software
can be installed by anybody worldwide.
peer means that no central authority issues new
money or tracks transactions. These tasks are
managed collectively by the network.
Q. How does Bitcoin work?
A. Bitcoin uses public-key cryptography (http
s://en.wikipedia.org/wiki/Public-key_cryptogra
phy), peer-to-peer networking, and proof-of-
work to process and verify payments. Bitcoins
are sent (or signed over) from one address to
another with each user potentially having
many, many addresses. Each payment
transaction is broadcast to the network and
included in the blockchain so that the included
bitcoins cannot be spent twice. After an hour or
two, each transaction is locked in time by the
 Anonymous. Bitcoin does not require any ID massive amount of processing power that
to use making it suitable for the unbanked, continues to extend the blockchain. Using
the privacy-conscious, computers or people these techniques, Bitcoin provides a fast and
in areas with underdeveloped financial extremely reliable payment network that
infrastructure. anyone can use.
Private. When used with care bitcoin can
support strong financial privacy. Q. How do I edit this wiki?
Censorship-resistant. Nobody is able to
block or freeze a transaction of any amount. A. Create a wiki account and get it activated.
Fast. Transactions can be made almost as fast
as data can travel over the Internet.
Cheap. 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.

Bitcoin can also be a store of value, some have said it is a

"swiss bank account in your pocket".

Stored Bitcoins:
Cannot be printed or debased. Only 21
million bitcoins will ever exist.
Have no storage costs. They take up no
physical space regardless of amount.
Are easy to protect and hide. Can be stored
on a phone, computer, encrypted on a paper
backup or memorized in your head.
No counterparty risk. If you keep the seed
phrase of a bitcoin wallet secret and the
transaction has enough confirmations, then
nobody can take them from you no matter for
what reason, no matter how good the excuse,
no matter what.
Can be under divided possession with
Multisignature. For example with a 2-of-3
multisig scheme there would be three private
keys, of which any two is enough to spend
the money. Those three keys can be spread
anywhere, perhaps in multiple locations or
known by multiple people. No other asset
does this, for example you cannot hold gold
coins under multisig.

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This page was last edited on 9 February 2021, at 04:12.

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