Notes

History
Decentralized money

Bitcoin was described by creator Satoshi Nakamoto as a system that used cryptography to control the creation of money, that is, a decentralized digital currency, in contrast to central banking systems where control is held by banks. As of mid-2016, a hard fork of bitcoin had introduced several novel features to bitcoin. Bitcoin, as the first example of digital currency, was described in a 2008 paper published by Satoshi Nakamoto as an anonymous developer working for the US Navy.[4] Nakamoto did not disclose his true identity until 2014, when he announced it on his Twitter account.[5]

For all practical purposes, Bitcoin can be thought of as a proof-of-work system, where new bitcoins are awarded for periods where a "miner" confirms transactions or solves a difficult puzzle. https://pin-up-casino-br.com/ However, it is important to recognize that the bitcoin system as deployed does not meet all of the theoretical properties of a decentralized proof-of-work system used for electronic money. It suffers a so-called "51% attack" in which an adversary can control more than half of mining power to create valid coins out of thin air. Moreover, as other miners join the network, valid transactions that are not included in the longest chain (the official "Bitcoin ledger") will be discarded, which makes it hard to establish consensus on the validity of a transaction that is received out of order. Bitcoins are created with a limit of 21 million: half has been created and the other half is in circulation.[6]

After bitcoin's adoption as payment method, it has been criticized by some in the media for being used in online black markets.[17] Scientific American criticized bitcoin in November 2013 in an article referring to bitcoin as a "joke", "the ridiculous litmus test by which we judge all technological advances" and a number of other derogatory adjectives.[18]

Original design

Satoshi Nakamoto designed a system that could efficiently solve the double-spend problem without a central trusted authority, and that was guaranteed to produce 21 million bitcoins which would ever be divisible to any amount, including zero. The only means of providing finality to the ordering of transactions was to have nodes commit transactions in a decentralized manner. This feature was later called Nakamoto consensus.

The proof of work scheme was designed to discourage miners from creating invalid blocks. Instead of using the time taken to create a hash, this scheme used the combined power of all the CPU time in the network to try to find
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