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13GeeqchDJV2Zbn1WotaLUynWxc9RMJsVV2 satoshi2023-12-08 05:39:31
1Pk9JNLxf8t2dy2jvxxJv1CG94iqwuhomr3 satoshi2023-12-08 05:39:20
1N8Q8x1JXXPNFRHG8hKkQf9q72CDTb4XoY2 satoshi2023-12-08 05:38:56
1Q8aPuUHzjq7mDjxfRDphwSMfMWATAL2nj2 satoshi2023-12-08 05:38:24
1MUwLWcgBXbeJ8ycXdhspSGm9NTbWqpR9D2 satoshi2023-12-08 05:38:17
15KNE1NSrsYgtebGCnbvV4AsNmNPKUvPLB2 satoshi2023-12-08 05:38:05
[email protected]2 satoshi2023-12-08 05:37:47
17ahta6qSuCTU3pMKq4n81BJF4V5U3nxtU2 satoshi2023-12-08 05:33:38
1JMX8j2ZgFZxi6CqwNA34ofGqqLfWaW6MH2 satoshi2023-12-08 05:33:32
1MSUrCRpi5FqD9nKfXzv4CJ2cGEk9x8ZV82 satoshi2023-12-08 05:31:30

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