the first decentralized cryptocurrency. Based on a free-market ideology, bitcoin was invented in 2008 Use of bitcoin as a currency began in 2009Nodes in the peer-to-peer bitcoin network verify transactions through cryptography and record them in a public distributed ledger, called a blockchain, without central oversight. Consensus between nodes is achieved using a computationally intensive process based on proof of work, called mining, that secures the bitcoin blockchain. Mining consumes large quantities of electricity and has been criticized for its environmental impact.
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