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MAIN PAGE

From Bitcoin Wiki

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Welcome to the Bitcoin Wiki,
for all your Bitcoin information needs.
1,296 pages. Established April 14, 2010.

This wiki is maintained by the Bitcoin community.

Editing has been enabled on your account.

Bitcoin.org Forums Chatrooms


BITCOIN

Bitcoin is a decentralized digital currency that enables instant payments to
anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate
with no central authority: transaction management and money issuance are carried
out collectively by the network.

The original Bitcoin software by Satoshi Nakamoto was released under the MIT
license. Most client software, derived or "from scratch", also use open source
licensing.

Bitcoin is the first successful implementation of a distributed crypto-currency,
described in part in 1998 by Wei Dai on the cypherpunks mailing list. Building
upon the notion that money is any object, or any sort of record, accepted as
payment for goods and services and repayment of debts in a given country or
socio-economic context, Bitcoin is designed around the idea of using
cryptography to control the creation and transfer of money, rather than relying
on central authorities.

Bitcoins have all the desirable properties of a money-like good. They are
portable, durable, divisible, recognizable, fungible, scarce and difficult to
counterfeit.


WHY?

Bitcoin is P2P electronic cash that is valuable over legacy systems because of
the monetary autonomy it brings to its users. Bitcoin seeks to address the root
problem with conventional currency: all the trust that's required to make it
work -- Not that justified trust is a bad thing, but trust makes systems
brittle, opaque, and costly to operate. Trust failures result in systemic
collapses, trust curation creates inequality and monopoly lock-in, and naturally
arising trust choke-points can be abused to deny access to due process. Through
the use of cryptographic proof, decentralized networks and open source software
Bitcoin minimizes and replaces these trust costs.
 * Bitcoin Transactions are:
   * Permissionless and borderless. The software can be installed by anybody
     worldwide.
   * Anonymous. Bitcoin does not require any ID to use making it suitable for
     the unbanked, the privacy-conscious, computers or people in areas with
     underdeveloped financial infrastructure.
   * Private. When used with care bitcoin can support strong financial privacy.
   * Censorship-resistant. Nobody is able to block or freeze a transaction of
     any amount.
   * Fast. Transactions can be made almost as fast as data can travel over the
     Internet.
   * Cheap. Fees can be very very low.
   * Irreversible once settled, like cash. (but consumer protection is still
     possible.)
   * Online and available 24 hours a day, 365 days per year.

Bitcoin can also be a store of value, some have said it is a "swiss bank account
in your pocket".

 * Stored Bitcoins:
   * Cannot be printed or debased. Only 21 million bitcoins will ever exist.
   * Have no storage costs. They take up no physical space regardless of amount.
   * Are easy to protect and hide. Can be stored on a phone, computer, encrypted
     on a paper backup or memorized in your head.
   * No counterparty risk. If you keep the seed phrase of a bitcoin wallet
     secret and the transaction has enough confirmations, then nobody can take
     them from you no matter for what reason, no matter how good the excuse, no
     matter what.
   * Can be under divided possession with Multisignature. For example with a
     2-of-3 multisig scheme there would be three private keys, of which any two
     is enough to spend the money. Those three keys can be spread anywhere,
     perhaps in multiple locations or known by multiple people. No other asset
     does this, for example you cannot hold gold coins under multisig.


TOPIC CENTRAL

 * Introduction
 * Getting started
 * Myths
 * Securing your wallet
 * FAQ
 * Bitcoin statistics

 * Technical articles
 * Protocol specification
 * Best practices for traders
 * Bitcoin Improvement Proposals
 * Privacy

 * Software
 * Mining
 * Exchanges
 * Local Directories
 * Marketing resources
 * People

 * Clients / Frontends
 * Economics
 * Receiving donations with bitcoin
 * Meetups and Conferences

Edit – See More


FAQ

Q. What is Bitcoin?

A. Bitcoin is a peer-to-peer currency. Peer-to-peer means that no central
authority issues new money or tracks transactions. These tasks are managed
collectively by the network.

Q. How does Bitcoin work?

A. Bitcoin uses public-key cryptography, peer-to-peer networking, and
proof-of-work to process and verify payments. Bitcoins are sent (or signed over)
from one address to another with each user potentially having many, many
addresses. Each payment transaction is broadcast to the network and included in
the blockchain so that the included bitcoins cannot be spent twice. After an
hour or two, each transaction is locked in time by the massive amount of
processing power that continues to extend the blockchain. Using these
techniques, Bitcoin provides a fast and extremely reliable payment network that
anyone can use.

Q. How do I edit this wiki?

A. Create a wiki account and get it activated.

See More


OTHER PAGES

 * Help - Documentation on wiki editing.
 * About - Information on this site.
 * Dumps - Backup this wiki.

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 * This page was last edited on 9 February 2021, at 04:12.
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