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It is the first decentralized cryptocurrency. It can be sent from one person to another over the Bitcoin network in a peer-to-peer manner without the need for a third party. Network transactions are verified using cryptography and recorded in a distributed ledger called the blockchain without a central authority overseeing it. Consensus among nodes is achieved using a resource-intensive computational process based on proof of work known as mining, which secures Bitcoin's blockchain. Mining consumes large amounts of electricity and has been criticized for Bitcoin's environmental impact.