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Bitcoin is a digital payment system that also doubles as a decentralized currency. It was created by an anonymous individual or group of people, known by the pseudonym Satoshi Nakamoto in 2009. The idea behind Bitcoin was that it would be a currency that could be used without banks or intermediaries, making transactions less expensive and more secure. The number of bitcoins is limited to 21 million and the reward for mining Bitcoin is halved every four years. After the financial crisis of 2008, Bitcoin received a boost in public recognition as people lost faith in the traditional financial system.