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1KLrYjmRmoHANeXTE6zcGDzSKcXWphdvoT3 satoshi2023-10-03 20:41:29
1CA3KEz9ixfK5zV94RycYf6nE9ze6aU4aQ3 satoshi2023-10-03 20:40:34
1BRFKygqQbMF4LuVV4cQQVj65szsQnZazw3 satoshi2023-10-03 20:37:14
1P2D4waiZQg4D8frXpFUBRZ2f9JFrCXKvG2 satoshi2023-10-03 20:36:58
DGwPKLfdGENn2YDXBV3kZFX6GUQiu27Vkp2 satoshi2023-10-03 20:30:40
1A1ASc8XwJMFuqoBCkJRyPGb8wS8w7iWSR2 satoshi2023-10-03 20:30:09
DGnsFJCD9Np5gf1LKbCZt8fbbAkdC9iy7x2 satoshi2023-10-03 20:20:36
3LGWZM6ex8DSqvZ2xEejNY6Bcfs1JGPQ1z2 satoshi2023-10-03 20:20:15
1CPJ2E3g6Nt4PNA4cEqeT3P8Jdsg6WM7Dv3 satoshi2023-10-03 20:19:27
1NFgEcU6pfcxpRBS8EQA7vNHyQLUXxRjCc2 satoshi2023-10-03 20:17:48

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