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3MXjGdiwB45PZTmnZkj7ypdpBJKP51rHdF2 satoshi2023-06-03 11:19:14
33dJ5Zo2XggDvDzDBrMdx4mdw33iWo3DaC2 satoshi2023-06-03 11:17:17
115y5dE2T6UR1hvEDKkMfjRY8ryfJZ2ua52 satoshi2023-06-03 11:15:32
13ZsKxxQUDUDF9uSojoCSgMTYS5WjwCqWw2 satoshi2023-06-03 11:15:28
123KcheyRUJfTvbuuCE4h7Trz9cMWMQyRx2 satoshi2023-06-03 11:15:24
1VrUwaxy3grbMDZceqH5MCtxqaAnuVeE52 satoshi2023-06-03 11:15:21
1HUZTFUZypvCF6XWYydCTzNz3iA3bybPA62 satoshi2023-06-03 11:13:52
1Et1RjJkcM7N78fM4z27QComaX7xsjxXP12 satoshi2023-06-03 11:13:46
1Nza8BMNTiTiZGoizeosz9A477PPnDe9S53 satoshi2023-06-03 11:13:34
1NNs2tL8V6U331G7ZCBnigzKu51NqQWEqU2 satoshi2023-06-03 11:13:02

What is Bitcoin?


Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process. Bitcoin is changing the way we see money as we speak. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way. It is a decentralized peer-to-peer internet currency making mobile payment easy, very low transaction fees, protects your identity, and it works anywhere all the time with no central authority and banks. Bitcoin is designed to have only 21 million BTC ever created, thus making it a deflationary currency. Bitcoin uses the SHA-256 hashing algorithm with an average transaction confirmation time of 10 minutes. Miners today are mining Bitcoin using ASIC chip dedicated to only mining Bitcoin, and the hash rate has shot up to peta hashes. Being the first successful online cryptography currency, Bitcoin has inspired other alternative currencies such as Litecoin, Peercoin, Primecoin, and so on. The cryptocurrency then took off with the innovation of the turing-complete smart contract by Ethereum which led to the development of other amazing projects such as EOS, Tron, and even crypto-collectibles such as CryptoKitties.