Bitcoin Explorer

Overview

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its source code was released as open-source software.

History

Bitcoin was created in 2009 by a pseudonymous developer named Satoshi Nakamoto. It was the first cryptocurrency and remains the largest by market capitalization. The Bitcoin whitepaper, titled "Bitcoin: A Peer-to-Peer Electronic Cash System," was published on October 31, 2008. The first block, known as the genesis block, was mined on January 3, 2009. The first real-world transaction took place on May 22, 2010, when Laszlo Hanyecz purchased two pizzas for 10,000 BTC, an amount that would be worth millions of dollars today.

Technology

Bitcoin operates on a decentralized public ledger technology called the blockchain. This blockchain is maintained by a distributed network of computers (nodes) running the Bitcoin software. Transactions are verified by network nodes through cryptography and recorded in the blockchain. New bitcoins are created as a reward for miners who verify and record transactions in the blockchain through a process called mining. The mining process involves solving complex mathematical problems that require substantial computational power.

Economics

Bitcoin has a fixed supply cap of 21 million coins, making it a deflationary asset. The rate at which new bitcoins are created is halved approximately every four years in an event known as the "halving." This controlled supply schedule is designed to mimic the extraction rate of precious metals like gold. Bitcoin's value is determined by market forces of supply and demand, without the intervention of central authorities.

Key Contributors

Satoshi Nakamoto

Creator

The pseudonymous person or group who created Bitcoin and authored the Bitcoin whitepaper.

Gavin Andresen

Former Lead Developer

One of the early Bitcoin developers who was chosen by Satoshi Nakamoto to lead the project after his departure.

Wladimir J. van der Laan

Lead Maintainer

Current lead maintainer of the Bitcoin Core software.

Pieter Wuille

Core Developer

Co-founder of Blockstream and one of the most prolific Bitcoin Core contributors.