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What Is Bitcoin (BTC)?
Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.
Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”
Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.
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1314 (yī sān yī sì). 1314 is like 一生一世 (yī sheng yī shì), which means “throughout one’s life”. This is often combined with 520 to say 5201314, “I love you forever”.
- 7 means holiness and mystery.
- 8 means wealth and success.
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Bitcoin (abbreviation: BTC; sign: ₿) is the first decentralizedcryptocurrency. Nodes in the peer-to-peerbitcoin network verify transactions through cryptography and record them in a public distributed ledger, called a blockchain, without central oversight. Consensus between nodes is achieved using a computationally intensive process based on proof of work, called mining, that secures the bitcoin blockchain. Mining consumes large quantities of electricity and has been criticized for its environmental impact.
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