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Bitcoin (abbreviation: BTC; sign: ₿) is the first decentralized cryptocurrency. Based on a free-market ideology, bitcoin was invented in 2008 by an unknown entity under the pseudonym of Satoshi Nakamoto. [5] Use of bitcoin as a currency began in 2009, [6] with the release of its open-source implementation.
The value of fiat currency is supported by the issuing government and its economic strength. ... (New Bitcoins are issued when high-powered computers called Bitcoin miners process complex math ...
Fiat money is a type of government-issued currency that is not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity. Fiat currency is typically designated by the issuing government to be legal tender , and is authorized by government regulation.
Early bitcoin supporter Roger Ver said: "At first, almost everyone who got involved did so for philosophical reasons. We saw bitcoin as a great idea, as a way to separate money from the state." [121] Economist Paul Krugman argues that cryptocurrencies like bitcoin are "something of a cult" based in "paranoid fantasies" of government power. [122]
You probably already know that Bitcoin is a deflationary cryptocurrency, rather than an inflationary or fiat currency. Whereas fiat currencies have an amount of supply that increases over time ...
Bitcoin debuted in 2009, when the software underpinning the currency was released. Its origins are a bit mysterious, however, and a person (or perhaps group) known as Satoshi Nakamoto claims the ...
Cryptocurrencies backed by fiat currency are the most common and were the first type of stablecoins on the market. [ citation needed ] Their characteristics are: Their value is pegged to one or more currencies (most commonly the US dollar , the euro , and the Swiss franc ) in a fixed ratio;
The case for Bitcoin. Unlike XRP, Bitcoin isn't backed by any individual or company that can issue more supply. There are 19.8 million Bitcoins in circulation right now, but there will only ever ...