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1Af5snwngfJ574pwvBNh4EyDkdsbzKqzuC2 satoshi2023-12-08 05:50:53
18XKp34B8WjrENrNM8tkUXT3tVScBwzf7m2 satoshi2023-12-08 05:50:37
1A1mD6LCsPug4aiBWoSudrjMv7WbcVA1o42 satoshi2023-12-08 05:50:32
13GeeqchDJV2Zbn1WotaLUynWxc9RMJsVV2 satoshi2023-12-08 05:49:19
1K4muZRkjkTqKDYokNoxYcM2DnhvSR8kHx2 satoshi2023-12-08 05:49:13
0xA6caF6A154536683FE9D80CbB01804524eebfc6D2 satoshi2023-12-08 05:48:36
bc1qwdcrmwfpaafx3v4pyavd4ht0nz48mm8xydlg752 satoshi2023-12-08 05:48:33
1MSUrCRpi5FqD9nKfXzv4CJ2cGEk9x8ZV82 satoshi2023-12-08 05:46:15
3MFhSFZRrQ83NBcV7f7xhCscC3QYUR5VAN2 satoshi2023-12-08 05:43:10
1K8Y5a2KXLciPfvXmS4JmQQPzEc95iJ6uz2 satoshi2023-12-08 05:42:10

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