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Bitcoin utilizes peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is performed together by the network. Bitcoin is open-source; its design is general public, nobody owns or controls Bitcoin and everyone can participate. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any preceding payment method. .

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Bitcoin () is a cryptocurrency, a kind of electronic money. It is a decentralized digital currency without a central bank or single administrator which can be sent out of user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.7

Transactions are verified by network nodes through cryptography and listed in a public distributed ledger known as a blockchain. Bitcoin was invented by an unknown person or group of individuals using the name Satoshi Nakamoto9 and published as open-source software in 2009.10 Bitcoins are created as a reward for a procedure known as mining.

Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, the majority of them using bitcoin.12.

Bitcoin has been criticized for its use in illegal transactions, its high power consumption, price volatility, thefts from exchanges, and also the possibility that bitcoin is an economic bubble.13 Bitcoin has also been utilized as an investment, even though several regulatory agencies have issued investor alarms about bitcoin.14

The domain name"bitcoin.org" was registered on 18 August 2008.15 On 31 October 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System5 was posted to some cryptography mailing list.16 Nakamoto implemented the bitcoin applications as open-source code and published it in January 2009.171810 Nakamoto's identity remains unknown.9.

In January 2009, the bitcoin network was created when Nakamoto mined the first block of the chain, known as the genesis block.1920 Embedded in the coinbase of this block has been the following text:"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. "10 This note has been interpreted as either a timestamp and a comment on the instability caused by fractional-reserve banking.21:18.

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The recipient of the first bitcoin transaction was cypherpunk Hal Finney, that made the first reusable proof-of-work system (RPOW) in 2004.22 Finney downloaded the bitcoin software on its launch date, and on 12 January 2009 obtained ten bitcoins from Nakamoto.2324 Other ancient cypherpunk fans were creators of bitcoin predecessors: Wei Dai, founder of b-money, and Nick Szabo, founder of little golden.25 In 2010, the earliest known commercial transaction using bitcoin occurred when developer Laszlo Hanyecz purchased two Papa John's pizzas for 10,000 bitcoin.26.

Nakamoto is estimated to have mined one million bitcoins27 before disappearing in 2010, when he handed the network awake crucial and control of the code repository over Gavin Andresen. Andresen later became lead programmer at the Bitcoin Foundation.2829 Andresen then sought to decentralize control. This left opportunity for controversy to grow over the future development course of bitcoin.3029.

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After early"proof-of-concept" transactions, the first significant users of bitcoin were black markets, such as Silk Road. During its 30 months of existence, beginning in February 2011, Silk Road exclusively accepted bitcoins as payment, transacting 9.9 million in bitcoins, worth about $214 million.31:222

In 2011, the price started at $0.30 each bitcoin, growing to $5.27 for the year. The price rose to $31.50 on 8 June. Within a month the cost fell to $11.00. The next month it dropped to $7.80, and in another month to $4.77.32

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Litecoin, an early bitcoin spin-off or altcoin, appeared in October 2011.33 Many altcoins have been made since then.34

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In 2012, bitcoin prices began at $5.27 growing to $13.30 for its calendar year.32 By 9 January the cost had risen to $7.38, but then crashed by 49 percent to $3.80 within the next 16 days. The price then climbed to $16.41 on 17 August, but dropped by 57% to $7.10 over the next three days.35.

In March 2013 the blockchain temporarily split into two independent chains with different Continue rules. The two blockchains operated simultaneously for half an hour, each with its own version of the transaction history. Normal operation was revived when the vast majority of the network downgraded to version 0.7 of the bitcoin applications.37 The Mt.

Gox experienced processing delays due to insufficient capacity44 resulting in the bitcoin price dropping from $266 to $76 prior to returning to $160 within six hours.45 The bitcoin cost rose to $259 on 10 April, but then crashed by 83 percent to $45 over the next three times.35 On 15 May 2013, US authorities captured accounts associated with Mt.

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