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It enables peer-to-peer exchange of value in the digital realm through the use of a decentralized protocol, cryptography, and a mechanism to achieve global consensus on the state of a periodically updated public transaction ledger called a ‘blockchain. At a deeper level, Bitcoin can be described as a political, philosophical, and economic system. Bitcoin can refer to the Bitcoin software protocol as well as to the monetary unit, which goes by the ticker symbol BTC, casinoly 50 free spins no deposit brasil. Launched anonymously in January 2009 to a niche group of technologists, Bitcoin is now a globally traded financial asset with daily settled volume measured in the tens of billions of dollars. Although its regulatory status varies by region and continues to evolve, Bitcoin is most commonly regulated as either a currency or a commodity, and is legal to use (with varying levels of restrictions) in all major economies. In June 2021, El Salvador became the first country to mandate Bitcoin as legal tender. Bitcoin’s origin, early growth, and evolution What is Bitcoin used for? Bitcoin’s basic features Bitcoin’s economic features Who decides what Bitcoin is? Bitcoin’s origin, early growth, and evolution. Bitcoin is based on the ideas laid out in a 2008 whitepaper titled Bitcoin: A Peer-to-Peer Electronic Cash System. The paper detailed methods for “allowing any two willing parties to transact directly with each other without the need for a trusted third party. The listed author of the paper is Satoshi Nakamoto, a presumed pseudonym for a person or group whose true identity remains a mystery. Nakamoto released the first open-source Bitcoin software client on January 9th, 2009, and anyone who installed the client could begin using Bitcoin. Initial growth of the Bitcoin network was driven primarily by its utility as a novel method for transacting value in the digital world. Early proponents were, by and large, ‘cypherpunks’ – individuals who advocated the use of strong cryptography and privacy-enhancing technologies as a route to social and political change.
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