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On 3 January 2009, the bitcoin network was created when Nakamoto mined the first block of the chain, known as the genesis block. Nakamoto implemented the bitcoin software as open-source code and released it in January 2009. On 31 October 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. The domain name “” was registered on 18 August 2008. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin. Some economists, including several Nobel laureates, have characterized it as a speculative bubble.

Bitcoin has been criticized for its use in illegal transactions, its high electricity consumption, price volatility, and thefts from exchanges.