The concept was introduced in a 2008 paper by a pseudonymous Developer known only as “Satoshi Nakamoto”, who called it a Peer-to-peer , electronic cash system and There are people who are very excited about the idea behind Bitcoin. As Bitcoins can be transferred through a computer or Smartphone without an intermediate financial institution. The processing of Bitcoin transaction is secured by servers called bitcoin miners.
These servers communicate over an internet-based network and confirm transactions by adding them to a ledger which is updated and archived periodically using Peer-to-peer file sharing technology. In addition to archiving transactions, each new ledger update creates some newly minted bitcoins. The number of new bitcoins created in each update is halved every 4 years until the year 2140 when this number will round down to zero. At that time no more bitcoins will be added into circulation and the total number of bit coins will have reached a maximum of 21 million bitcoins. To accommodate this limit, each bitcoin is subdivided down to eight decimal places; forming 100 million smaller units called satoshis.
The Bitcoin protocol for the bitcoin cryptocurrency is an open source cryptographic protocol that operates on a peer-to-peer network. It uses a chain or “blockchain” of transactions to achieve consensus and to solve the double-spending problem. …
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