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Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, below the name Satoshi Nakamoto. The system is peer-to-peer, and transactions take place between users directly, while not an intermediary. These transactions are verified by network nodes and recorded during a public distributed ledger known as the blockchain. Since the system works while not a central repository or single administrator, bitcoin is called the primary decentralized digital currency.