[SOLVED] Bitcoin is a new currency that was

Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi
Nakamoto. Bitcoin isn’t just a currency, like dollars or euros or yen. It’s a way of making payments,
like PayPal or the Visa credit card network. Bitcoins can be used to buy merchandise anonymously.
Transactions are made with no middle men—meaning no banks—and Bitcoins are not tied to any
country or subject to regulation! There are no transaction fees and no need to give your real name.
More merchants are beginning to accept them: You can buy webhosting services, pizza, or even manicures using Bitcoins. There’s now a Bitcoin ATM in Vancouver and one planned for Hong Kong.
It’s not clear whether Bitcoin’s inventor, who disappeared from the Internet in mid-2010, was prophetic enough to imagine what happened last year. The idea was to create a currency whose value couldn’t be watered down by some central authority such as the Federal Reserve Bank.
The value of Bitcoin exploded, with the price of an individual coin jumping from $100 in July to $200 in October to more than $1,000 as of May 2014.
Bitcoin was a system that was designed to run across a large network of machines—called Bitcoin miners—and anyone on Earth could operate one of these machines. This distributed software seeded the new currency, creating a small number of Bitcoins. Basically, Bitcoins are just long digital addresses and balances, stored in an online ledger called the blockchain. But the system was also designed so that the currency would slowly expand and encourage people to operate Bitcoin miners to keep the system itself growing.
When the system creates new Bitcoins, it gives them to the miners. Miners keep track of all the Bitcoin transactions and add them to the blockchain ledger; in exchange, they get the privilege of, every so often, awarding themselves a few extra Bitcoins. Right now, 25 Bitcoins are paid out to the world’s miners about six times per hour, but that rate changes over time.
Why do these Bitcoins have value? It’s pretty simple. They’ve evolved into something that a lot of
people want—like a dollar or a yen or the cowry shells swapped for goods on the coast of Africa over 3,000 years ago—and they’re in limited supply. Although the system continues to crank out Bitcoins, this will stop when it reaches 21 million, which was designed to happen in about the year 2140.
Bitcoins are stored in a digital wallet, a kind of virtual bank account that allows users to send or receive Bitcoins, pay for goods, or save their money. Although each Bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed—only their wallet IDs.
Although that keeps Bitcoin users’ transactions private, it also lets them buy or sell anything without easily tracing it back to them. That’s why it has become the currency of choice for people
online buying ……

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Question: Bitcoin is a new currency that was