Bitcoin is an open network for transferring value through electronic money.
- Created by Satoshi Nakamoto
- Whitepaper, published in 2008
- The network and the asset have the same name
The Bitcoin network itself is a record of blockchain payments. These features were chosen so that Bitcoin could support the new financial system without intermediaries. A global network of thousands of computers, called nodes, participates in the use and security of the network by running Bitcoin software. Each node stores a copy of the network's transaction history, which is updated in real time to prevent fraud and check which bitcoins belong to which user. Satoshi Nakamoto, a cryptography developer under a pseudonym, created Bitcoin.
- The whitepaper with their ideas was first published in October 2008.
- The first Bitcoin block was mined on January 3, 2009.
Although many attempts to build similar projects preceded it, Bitcoin is the first successful cryptocurrency. The name Bitcoin refers to two separate parts of the system: the protocol and the asset. To differentiate them, standard practice now uses lowercase b and the BTC ticker for the asset. The protocol itself contains a capital letter B. All bitcoins can be divided into tiny fractions. The smallest subunit of bitcoin is called "satoshi". 1 BTC is the same as 100 million Satoshi. In other words, 1 satoshi is equal to 0.001 BTC.