Bitcoin BTC

About Bitcoin

Bitcoin is the first decentralized cryptocurrency, created in 2009 by an unknown person or group of people using the pseudonym Satoshi Nakamoto. It is a digital currency that operates without a central authority or banks, managing transactions and the issuing of bitcoins is carried out collectively by the network.

Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

Key Features

• Decentralized: No single entity controls the Bitcoin network.
• Limited Supply: Only 21 million bitcoins will ever be created.
• Pseudonymous: Neither transactions nor accounts are connected to real-world identities.
• Immutable: Confirmed transactions are irreversible.
• Divisible: Each bitcoin can be divided into 100 million satoshis.

Technology

Bitcoin uses blockchain technology to achieve decentralized consensus. The blockchain is a public ledger that records bitcoin transactions. It is implemented as a chain of blocks, each block containing a hash of the previous block up to the genesis block of the chain.

Mining is the process of adding transaction records to Bitcoin's public ledger of past transactions. This ledger of past transactions is called the blockchain as it is a chain of blocks. The blockchain serves to confirm transactions to the rest of the network as having taken place.