Buy Bitcoins in Australia. Introduced in 2009 by an anonymous developer/group of developers going by the pseudonym Satoshi Nakamoto, Bitcoin* is the world’s first decentralised digital currency. This means that unlike traditional currencies such as the Dollar or the Yen, which rely on a central bank to be issued, bitcoins depend on a cryptographic system of peer-to-peer networking based on open source software known as the Bitcoin protocol to be generated, transferred and recorded within their network. The process of generating new bitcoins is called “mining”, and consists in utilising a special bitcoin mining software to solve a complex algorithm. The difficulty of the mining process is automatically adjusted according to the number of algorithms being solved in order to ensure bitcoins are being generated at a predictable and steady rate. The reference to the action of extracting minerals from the Earth is due to the fact that bitcoin miners employ electricity and computing hardware to generate, or ‘extract’, bitcoins from the system. Much like the world’s resources, the number of bitcoins in this algorithmic mine is not infinite but restricted to a limited supply of 21 million coins. Every transaction is accompanied by the digital signature of the coin’s owner. These electronic signatures are sequentially logged in a decentralised, public database called the “block chain”, so each bitcoin has a specific history of digital signatures from the moment it is mined throughout the chain of its transactions. Bitcoin founders favoured the model of distributed computing as opposed to relying on a trusted third party to overcome the double-spending issue that digital currencies are exposed to as non-physical entities. . 48995
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