Science & technology

Release of Bitcoin

3 January 2009

Bitcoin is a decentralised digital currency, introduced in a white paper published in 2008 by an unknown person or group using the name Satoshi Nakamoto. The network began operating in January 2009, when the first block of its public ledger, called the blockchain, was created. A message embedded in that block referred to a newspaper headline about bank bailouts. Transactions are verified by a distributed network of computers through a process called proof of work, without a central bank, and the supply is capped at 21 million coins. Bitcoin's price has been highly volatile. It inspired thousands of other cryptocurrencies and a debate over its value, energy use and regulation.

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