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The concept of Bitcoin was proposed in 2008 in a White Paper by Satoshi Nakamoto on a mailing list about cryptography. Until now it was not known whether a person's name, a pseudonym or a group of people is. Bitcoin is based on the idea described as a bit of gold in 1998, a cryptographic currency from Wei Dai as B-money and Nick Szabo.
The Bitcoin network finished 3rd January 2009 the establishment of the first 50 Bitcoins. A few days later, the first Version of Bitcoin reference software under the pseudonym "Satoshi Nakamoto" released on the same mailing developed List is based, like white paper, at SourceForge and the Internet discussion forum of the P2P Foundation. that first version of "Bitcoin Core" is written in the programming language C ++, uses the software libraries wxWidgets, OpenSSL, Berkeley DB and lift and contains program files for Microsoft Windows and source code under the MIT license. Ported end of 2009, the Finn Martti Malmi Bitcoin core software on GNU / Linux and supports Nakamoto during development. Later other developers from the open source community was added. Some developers, like Jeff Garzik involved also contributed to the Linux kernel. Mid-2010, Nakamoto withdrew and handed over the project management development Gavin Andresen. Nakamoto had some discussion on the Internet by the time written, not given his identity known.


Bitcoin essentially consists of a payment system and a monetary unit, the decentralized and raised in a computer network with its own software. The system is based on a database shared by the participants distributed in all transactions are recorded in a log chain. The only condition for participation is the operation of a compatible with the Bitcoin protocol Bitcoin cores or use of this functionality-providing online service provider. The Bitcoin system is not under geographical boundaries - be used and cross-border - except for the availability of an Internet connection.

Payment System

The payment system Bitcoin firstly from a database is, the block chain (dt. Block chain), in which all Bitcoin transactions recorded. The Bitcoin payment system uses a peer-to-peer network to which all the computers involved with a program of Bitcoin core connect. This Bitcoin network, all Bitcoin transactions are recorded. The block chain is redundant and stored locally on all Bitcoin cores, managed and continuously updated on the Bitcoin network. To use the Bitcoin system for payments, a Bitcoin core must be installed on the computer and the connection can be made via the Internet for Bitcoin network. payments held pseudonymous addresses that can produce the software for each participant in each new. An identification of the Trading partners does not allow Bitcoin. A complete anonymity, not guarantee the system, but also because the chain of Transactions in the transaction history and a compound of Bitcoinadressen with identifying information listed possible in principle. As for payments with goods money can not revoke a Bitcoin transaction after confirming through the network. The first confirmation of payment takes on average less than 5 minutes, can in individual cases or if only very low fees are paid take several hours. With the further timing found further confirmation in the form Blocks added that increase the liability of the payment. To make a payment, a fee to be paid when the payments with higher Costs are preferably confirmed.
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