Notes

History
Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto[1] and released as open-source software in 2009.[2] In January 2009, the bitcoin software was released to the public.[3][4] Nakamoto designed bitcoin to have no central authority: distribution of transactions and generation of new coins is carried out collectively, by the network. As of January 2017, the network is generated by about 50,000,000,000,000,000,000,000, or 4,900,000,000,000,000,000,000, computer processor hashes (SHA-256) per year, with each new block of transactions verified by miners and added to the blockchain.

In January 2017, the network experienced a rapid increase in load, straining miners' resources as mainstream bitcoin sites (such as Mt. Gox) began to temporarily shut down, subsequently spurring the implementation of other blockchain technologies: Namecoin, Litecoin, and Ethereum.

In May 2016, the network's rate of generation per day was slower than expected. On May 25, blockchain.info announced that "miners have been over-mining" and the rate of new block generation slowed to 1 every ten minutes.

Issues

Proponents of bitcoin point out that it provides a highly secure way of recording transactions as they occur and is resistant to double spending. Its numbers are not printed on paper, but are stored in computers around the world that run bitcoin software and agree on the order in which they receive transactions and their state of completion. Because all transactions are processed simultaneously, the system is considered to be resistant to chargeback fraud as well as double spending. Since the transaction protocol is public, it allows users (and businesses) to verify the ledger for accuracy. Moreover, the blockchain can also serve to identify nodes, not just individuals, allowing collective validation of the system.[58] For these reasons, many consider bitcoin to be much more reliable as a medium of exchange than traditional payment systems (credit cards or PayPal),[59] despite the per-user processing fees.

The Bitcoin protocol also incentivises nodes to identify and maintain a comprehensive ledger of all transactions, which is maintained by a P2P network of volunteer nodes running bitcoin software. https://pin-up-casino-peru-chile.com/ Unlike the client-based electronic fiat currency systems, such as the US dollar, a bitcoin user does not necessarily have to trust that a bank not involved with his transaction will not charge an undue amount in exchange for the service
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