Bitcoin was invented by Satoshi Nakamoto, who published the invention on 31 October 2008 in a research paper called "Bitcoin: A Peer-to-Peer Electronic Cash System". It was implemented as open source code and released in January 2009. Bitcoin is often called the first cryptocurrency although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency.
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Legal status and regulation Bitcoins
The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. Regulations and bans that apply to bitcoin probably extend to similar cryptocurrency systems.In April 2013, Steven Strauss, a Harvard public policy professor, suggested that governments could outlaw bitcoin, and this possibility was mentioned again by a bitcoin investment vehicle in a July 2013 report to a regulator. However, the vast majority of nations have not done so as of 2014. It is illegal in Bangladesh, Bolivia, Ecuador and Russia.
Etymology and Orthography
The word bitcoin occurred in the white paper that defined bitcoin published in 2008. It is a compound of the words bit and coin. The white paper frequently uses the shorter coin. There is no uniform convention for bitcoin capitalization. Some sources use Bitcoin, capitalized, to refer to the technology and network and bitcoin, lowercase, to refer to the unit of account. The Wall Street Journal, The Chronicle of Higher Education, and the Oxford English Dictionary advocate use of lowercase bitcoin in all cases. This article follows the latter convention.
Named in homage to bitcoin's creator, a satoshi is the smallest amount within bitcoin representing 0.00000001 bitcoin, one hundred millionth of a bitcoin. A millibitcoin equals to 0.001 bitcoin, one thousandth of bitcoin. One microbitcoin equals to 0.000001 bitcoin, one millionth of a bitcoin. A microbitcoin is sometimes referred to as a bit. A proposal was submitted to the Unicode Consortium in October 2015 to add a codepoint for the symbol.