$BTC What Is Bitcoin?
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Bitcoin (BTC) is a cryptocurrency (a virtual currency) designed to act as money and a form of payment outside the control of any one person, group, or entity. This removes the need for trusted third-party involvement (e.g., a mint or bank) in financial transactions ⤵️
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Bitcoin was introduced to the public in 2008 by an anonymous developer or group of developers using the name Satoshi Nakamoto. It has since become the most well-known and largest cryptocurrency in the world. Its popularity has inspired the development of many other cryptocurrencies.
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Read on to learn more about the cryptocurrency that started it all—the history behind it, how to buy it, mine it, and what it can be used for.
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Key Takeaways ⬅️
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Bitcoin is the end product of the work of many people, but it is generally accepted that Satoshi Nakamoto created it and introduced it in 2008.
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Bitcoin is the public blockchain used to create and manage the cryptocurrency of the same name.
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Bitcoin mining is the race between miners to hash block information, find the solution to a hashing problem, and add a block to the blockchain. The winning miner is rewarded with bitcoins.
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Bitcoin can be used by speculators, investors for investing purposes, and consumers for purchases or value exchange.
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There are many risks involved with investing in and using bitcoins, including volatility, fraud, and theft ⤵️
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Understanding Bitcoin ✅
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In August 2008, the domain name Bitcoin.org was registered. It was created by Satoshi Nakamoto and Martti Malmi, who worked with the anonymous Nakamoto to develop Bitcoin.1 👈
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