What is Bitcoin?

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Bitcoin is a new payment network and a new kind of digital money

Creation

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Bitcoin payment network was official created in January 2009, shortly after the release of its famous 9-page white paper in late 2008 by Satoshi Nakamoto

The creator of Bitcoin describes Bitcoin in their white paper as a new kind of peer-to-peer digital cash. This new kind of digital money is enabled by blockchain technology with the Bitcoin blockchain network.

it is worth noting that Bitcoin as a digital currency is different from Bitcoin blockchain- on which the blockchain the Bitcoin currency was created and has been running.

Main features of Bitcoin

There are features of Bitcoin that make it different from other kinds of currencies.

  • Bitcoin is a peer-to-peer decentralized currency. What is a peer-to-peer decentralized currency? Bitcoin does not need any financial company or organization to run and maintain it. Bitcoin holders can exchange Bitcoin between themselves without a third party using Bitcoin wallets.
  • Unlike normal currencies that can be printed unlimitedly, Bitcoin has a limited supply of ₿21,000,000 In fact, the total Bitcoin available is even less than the ₿21,000,000 since many Bitcoins have been lost.
  • Bitcoin transactions are transparent. Bitcoin transactions are available in Bitcoin network. Anyone can see them.
  • Bitcoin is anonymous. Although all the transactions are transparent in the Bitcoin network, it is not simple to identify the users behind Bitcoin since the transactions are anonymous. However, with the increasing regulatory requirements, many Bitcoin and cryptocurrency exchange services require that the user confirm their KYC before they can transact, KYC requirements are also necessary for exchanging Bitcoin to fiat currencies.
Bitcoin Logo
Token nameBitcoin
TickerBTC
Subunit
1⁄1000millibitcoin
1⁄100000000satoshi
Total Supply₿21,000,000
Created date3 Jan 2009
Websitebitcoin.org

A brief history of Bitcoin

Oct 31, 2008

Bitcoin white paper was released

Oct 31, 2008
Jan 3, 2009

Bitcoin network was launched

Jan 3, 2009
Mar 17, 2010

The first Bitcoin exchange- Bitcoin market went live

Mar 17, 2010
May 22, 2010

The first commercial transaction of Bitcoin. A pizza was bought for ₿10,000

May 22, 2010
Feb 1, 2011

Bitcoin was worth 1 $US

Feb 1, 2011

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