What Is Bitcoin?
Bitcoin (BTC) is a cryptocurrency, a virtual currency designed to act as money and a form of payment outside the control of any one person, group, or entity, thus removing the need for third-party involvement in financial transactions. It is rewarded to blockchain miners for verifying transactions and can be purchased on several exchanges.
Bitcoin was introduced to the public in 2009 by an anonymous developer or group of developers using the name Satoshi Nakamoto.
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It has since become the most well-known cryptocurrency in the world. Its popularity has inspired the development of many other cryptocurrencies.
Learn more about the cryptocurrency that started it all—the history behind it, how it works, how to get it, and what it can be used for.
KEY TAKEAWAYS
- Launched in 2009, bitcoin is the world's largest cryptocurrency by market capitalization.
- Unlike fiat currency, bitcoin is created, distributed, traded, and stored using a decentralized ledger system known as a blockchain.
- Bitcoin and its ledger are secured by the number of participants in its network and in the way it confirms and verifies transactions.
- Bitcoin can be purchased via various cryptocurrency exchanges.
- Bitcoin's history as a store of value has been turbulent; it has undergone several boom and bust cycles over its relatively short life's pan
Understanding Bitcoin
In August 2008, the domain name Bitcoin.org was registered. It was created by Satoshi Nakamoto and Martti Malmi, who worked with the anonymous Nakamoto to develop Bitcoin
Announcement
In October 2008, a person or group using the false name Satoshi Nakamoto announced to the cryptography mailing list at metzdowd.com: "I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party." This now-famous white paper published on Bitcoin.org, entitled "Bitcoin: A Peer-to-Peer Electronic Cash System," would become the Magna Carta for how Bitcoin operates today
First Block
On Jan. 3, 2009, the first Bitcoin block was mined—Block 0. This is also known as the "genesis block" and contains the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," perhaps proof that the block was mined on or after that date.4
Rewards
Bitcoin rewards are halved every 210,000 blocks. For example, the block reward was 50 new bitcoins in 2009. On May 11, 2020, the third halving occurred, bringing the reward for each block discovery down to 6.25 bitcoins. The next halving is expected to occur sometime in 2024, bringing the reward down to 3.125 bitcoins.
Denominations
One bitcoin is divisible to eight decimal places (100 millionths of one bitcoin), and this smallest unit is referred to as a satoshi
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