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3Adnf2chPTY1Aoa9jMN1VpxBLkHS9c6wBM3 satoshi2022-11-27 02:58:16
3HRPCcpBSYdYqRGds4CPg9dqVQF3NzYGhE3 satoshi2022-11-27 02:57:45
1PYStrzKq5GGBwKmK86UfMpGMdxZsniowx3 satoshi2022-11-27 02:57:22
TBtBSdRzbnRugkAyYqZtK6a94iHhJkt8MR2 satoshi2022-11-27 02:57:06
TCeyjZ7nL9qxEZZLETxW76F5GZruQv5wkn2 satoshi2022-11-27 02:56:24
19zjRHyn1mxsPrYshQqtZtEWjqswNPsDJ13 satoshi2022-11-27 02:55:39
1GzSvBPZYea8P9FTdogPW5sVudrRhUi6Ky2 satoshi2022-11-27 02:55:30
392SzembkmdHgxcMTbdnFcivErimKTTfF82 satoshi2022-11-27 02:55:21
DQNGzmh1MNtu6qCVGj6DZq5z6fDgMM8MaF2 satoshi2022-11-27 02:55:17
12DkyMDXsE6RWbxkGYvSAZmsgYmx96JkXG4 satoshi2022-11-27 02:55:08

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