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Bitcoin


A Bitcoin (BTC) is a digital currency, used on the Internet for various services. This currency utilizes an open-source, peer-to-peer Internet protocol for tracking of transactions involving bitcoin transfers. Websites and applications can send and receive bitcoins through the use of wallets, using ECDSA digital signatures to verify the transactions. The bitcoin is not a standard currency, meaning it has no central bank to manage it, like a standard currency does (i.e. the Federal Reserve for U.S. currency). For this reason, the equivalent dollar value can fluctuate greatly, resulting in criticism that it is not suited for use in the worldwide economy.

The bitcoin was first introduced by Satoshi Nakamoto on January 3, 2009. However, Nakamoto is not the developer's real name and their real identity is unknown, despite investigations by The New Yorker and Fast Company. As of March 2013, the equivalent dollar value of the bitcoin is over 400 million U.S dollars. It can be used to purchase Internet services including Reddit, Wordpress, and Mega. Web hosting and domain name management can be purchased from some companies using the bitcoin, as well. Similar to Ebay, the online server Bitmit allows users to buy and sell goods and services using the bitcoin. More recently, several gambling businesses, like SatoshiDice, have offered services where users can gamble using the bitcoin. Users can even purchase illegal drugs, like DMT, LSD, and marijuana using the bitcoin from a black market website called Silk Road.

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