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At its inception, the crypto market was originally hegemonic, though presently the landscape contains countless altcoins.Bitcoin has also been controversial since its original launch. Its popularity has also contributed significantly to the release of thousands of other cryptocurrencies, that are now known as altcoins. Bitcoin Making HistorySince its launch back in 2009, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. However, as of 2020, there were already 18.3 million Bitcoins in circulation. Given the structure of code, there will only ever be 21 million Bitcoins in existence. Over time, mining grows increasingly difficult, leading subsequent rewards to become smaller and smaller. In exchange for Bitcoin mining, computers receive rewards in the form of new Bitcoins. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. As Bitcoins are not issued or backed by any governments or central banks, it is considered to be legal tender.
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Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger network called a blockchain.
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Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto.