withdraw bitcoin wallet from blockchain to bank account

Bitcoin is a cryptocurrency and a global payment system. It is the first decentralized digital currency, since the system works without a single central bank or administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified through network nodes through the use of cryptography and recorded in a distributed public ledger called blockchain. Bitcoin was invented by an unknown person or group of people under the name of Satoshi Nakamoto and released as open source software in 2009. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products and services. As of February 2015, more than 100,000 merchants and sellers accepted Bitcoin as a payment method. The research produced by the University of Cambridge estimates that in 2017 there are 2.9 to 5.8 million unique users who use a cryptocurrency wallet, most of them with bitcoin. The blockchain is a public book that records bitcoin transactions. A novel solution achieves this without any central authority of trust: the maintenance of the chain of blocks is carried out through a network of communication nodes running the Bitcoin software. Form X payer transactions send AND bitcoins to beneficiary Z are transmitted to this network using readily available software applications.

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