Bitcoin is a cryptocurrency and worldwide payment system.[8]:3 It is the first decentralized digital currency, as the system works without a central bank or single administrator.[8]:1[9] The network is peer-to-peer and transactions take place between users directly, without an intermediary.[8]:4 These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto[10] and released as open-source software in 2009.[11]
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