Free Republic
Browse · Search
General/Chat
Topics · Post Article

To: AZLiberty

OT.....how did the first bitcoin get started?


497 posted on 04/30/2021 2:46:51 PM PDT by cherry (we are the Remnant)
[ Post Reply | Private Reply | To 483 | View Replies ]


To: cherry

https://en.wikipedia.org/wiki/Bitcoin

“Bitcoin (₿) is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software. Bitcoin 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.”

When I talked about “Bitcoin Central” in an earlier message, I was simplifying. There is no single locus for Bitcoin. Bitcoin’s software and data are copied all over the place. Each time a Bitcoin transaction takes place, the data is copied worldwide so that the network knows who owns the transferred (fractional) Bitcoin. Your Bitcoins are virtually accessible by a long password that only you know. If you lose your password (as some have), you lose your Bitcoins.


659 posted on 05/01/2021 12:47:12 AM PDT by AZLiberty (Awaiting the return of the king -- and I don't mean Elvis.)
[ Post Reply | Private Reply | To 497 | View Replies ]

Free Republic
Browse · Search
General/Chat
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson