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16oeGUsvfMpntafgWHTauhipP7VN96W7Q5 satoshi2022-08-16 00:33:15
1KyAWisR5VMAgav6cHCo1inq6SZt7ozX1o5 satoshi2022-08-16 00:32:37
1CQ2HTKBFJ5F4o5aTPxcj4tzyKUSyzb4G44 satoshi2022-08-16 00:18:30
1KczqpFUSLQoHJscom1ecirt7a5TnkgbV63 satoshi2022-08-16 00:18:16
1GAUhpcyHhLYRw3EXtHghzAsz1qhYfGRVL5 satoshi2022-08-16 00:18:15
16tPT7HCg7zfbskFTf5j2tazFDQ4qJxHRk3 satoshi2022-08-16 00:18:13
1C4fktqw8cJBdbWTBggWE7kw5JSoX82wNM3 satoshi2022-08-16 00:18:12
38YBpmRZsgHKmeess8W2A2PmK4cX7AoYrw4 satoshi2022-08-16 00:18:10
1M2rjdMt5fL35ZDrPc6ZcvEGEeDAy1cUsX4 satoshi2022-08-16 00:18:09
1Mes6ibPjruUB2WTGHPouE4N6jFbtu1Uey3 satoshi2022-08-16 00:18:09

What is Bitcoin?

Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process. Bitcoin is changing the way we see money as we speak.

The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way. It is a decentralized peer-to-peer internet currency making mobile payment easy, very low transaction fees, protects your identity, and it works anywhere all the time with no central authority and banks. Bitcoin is designed to have only 21 million BTC ever created, thus making it a deflationary currency. Bitcoin uses the SHA-256 hashing algorithm with an average transaction confirmation time of 10 minutes. Miners today are mining Bitcoin using ASIC chip dedicated to only mining Bitcoin, and the hash rate has shot up to peta hashes.

Being the first successful online cryptography currency, Bitcoin has inspired other alternative currencies such as Litecoin, Peercoin, Primecoin, and so on. The cryptocurrency then took off with the innovation of the turing-complete smart contract by Ethereum which led to the development of other amazing projects such as EOS, Tron, and even crypto-collectibles such as CryptoKitties.

Credits: CoinGecko, YouTube