Bitcoin began in 2009 with Satoshi Nakamoto. It employs cryptography to minimize potential hacks. Satoshi’s solution for the double spending problem was revolutionary. It uses Proof of Work (PoW) to secure blockchain ledgers against duplication and cryptocurrency forging. For example, Bitcoin leverages miner nodes that compete to solve complicated mathematical problems. Miners who find new blocks are rewarded with bitcoins. This is also how the supply of bitcoins are increased.

Emerging Applications
Markets determine the value of bitcoins. Only production is controlled by the Bitcoin blockchain. Decentralization is fundamental to Bitcoin and the growing number of public blockchains. There are now hundreds of cryptocurrencies. Some of the more popular applications include voting, smart contracts, and crowdfunding. Blockchain for private use is drawing interest from financial institutions and other organizations. Following recent regulatory action, cryptocurrency developers are hurrying to improve upon existing architecture.

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