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What is Bitcoin?
How do you Earn Bitcoin?

Bitcoin () is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto and released as open-source software in 2009.Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. 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, most of them using bitcoin.

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Some Facts
from Bitcoin history

08.2008

Creation

The domain name “bitcoin.org” was registered on 18 August 2008. On 31 October 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list.Nakamoto implemented the bitcoin software as opensource code and released it in January 2009. Nakamoto’s identity remains unknown.

01.2009

Bitcoin network was created

On 3 January 2009, the bitcoin network was created when Nakamoto mined the first block of the chain, known as the genesis block.Embedded in the coinbase of this block was the following text: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”This note has been interpreted as both a timestamp and a comment on the instability caused by fractional-reserve banking.

2011-2013

First major users of bitcoin

After early “proof-of-concept” transactions, the first major 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.

2013-2016

Bitcoin Prices

In 2013, prices started at $13.30 rising to $770 by 1 January 2014.

In 2014, prices started at $770 and fell to $314 for the year. In February 2014 the Mt. Gox exchange, the largest bitcoin exchange at the time, said that 850,000 bitcoins had been stolen from its customers, amounting to almost $500 million. Bitcoin’s price fell by almost half, from $867 to $439 (a 49% drop). Prices remained low until late 2016.

2017-2018

China banned trading in bitcoin

Prices started at $998 in 2017 and rose to $13,412.44 on 1 January 2018.On 17 December 2017 bitcoin’s price reached an all-time high of $19,666.

China banned trading in bitcoin, with the first steps taken in September 2017, and a complete ban starting 1 February 2018. Bitcoin prices then fell from $9,052 to $6,914 on 5 February 2018. The percentage of bitcoin trading in renminbi fell from over 90% in September 2017 to less than 1% in June.

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