General What is Bitcoin? Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.
From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence. Bitcoin is the first implementation of a concept called “cryptocurrency”, which was first described in by Wei Dai on the cypherpunks mailing list, suggesting the bitcoin of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority.
The first Bitcoin specification and proof of concept was published in in a cryptography mailing list by Plus Nakamoto. Satoshi left the project in late without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin. Satoshi’s anonymity often raised unjustified concerns, many of which are linked to misunderstanding of the open-source nature of Bitcoin.
The Bitcoin protocol and software are published openly and any developer around the world can review the code or make their own modified version of the Bitcoin software. Just like current developers, Satoshi’s influence was limited to the changes he made being adopted by others and therefore he did not control Bitcoin.
As such, the identity of Bitcoin’s inventor is probably as relevant today as the identity of the person who invented paper. Who controls the Bitcoin network?
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Nobody owns the Bitcoin network much 9-3 no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can’t force a change in the Bitcoin protocol because all users are free to choose what software and version 9-3 use. In order to stay compatible with each other, all users need to use software complying with the same plus.
Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus. How does Bitcoin work? From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows a user to 9-3 and receive bitcoins with them.