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1HiLCQd45dYAk3mS5wW7Swmvy9mzX8n6NU4 satoshi2022-11-27 01:22:46
12MA17f29zy98SgTdNyi5PnZ9iSyFwZ8FV3 satoshi2022-11-27 01:22:40
1PjiwdMWudD62TewfsReVd8vjojyjJggLx2 satoshi2022-11-27 01:22:18
18n5rmC4EGdRL21bmuZcWuUHSEqMZfSTH53 satoshi2022-11-27 01:22:14
1yhXvEY7dGj1LHnwpfJJ7UDZ6iwbBafhR2 satoshi2022-11-27 01:22:10
bc1qjjjd69rnxyrct8svshtfkvs5zh3evsl4yyvnu53 satoshi2022-11-27 01:22:05
1PCU9wprnePoseFg1mhQZpKCskd2H6kf942 satoshi2022-11-27 01:22:03
1NqajUTou1xRttohHYGAeYvAJCsD3A2p1t2 satoshi2022-11-27 01:22:00
bc1qstxj76rqtsu4jwjkg0kljtf333eq2kwldul98p2 satoshi2022-11-27 01:21:11
115JLSHM64fR8jr92dE4So74AKvo9J13SR2 satoshi2022-11-27 01:21:07

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