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1FssUNNcLLmDLkHQfEF3NyRGeaP4c96zBB2 satoshi2023-01-28 03:27:35
1HaXQRCJiELQhvZPfX5oBdoBv4aJ5MDLLf2 satoshi2023-01-28 03:26:44
3P8JaUNaQ6uC8YxzpWXGshd7aDz3iYeH9Y2 satoshi2023-01-28 03:26:34
1Cnv8Fq6xS4PtzBNN3rHYzYwRp3U7DfpzN2 satoshi2023-01-28 03:25:26
1LDYP5owwSTzKeuiRkRmgThNTpkUUf5dbc1 satoshi2023-01-28 03:25:13
1CvsmQ3xc4MGMZ1G9yDNa592SuqCnUkJ6R3 satoshi2023-01-28 03:24:53
1HUHzw7idLijx6emtuC4T6Drx4NV8FWtGA2 satoshi2023-01-28 03:24:47
39Ugr8o59JNifMSW9obaYNMvU5C8wRpJ8P2 satoshi2023-01-28 03:24:26
38YBpmRZsgHKmeess8W2A2PmK4cX7AoYrw2 satoshi2023-01-28 03:23:47
16ji7rdkQSNugp5U4YiY5fXnv9E1Fwn2f73 satoshi2023-01-28 03:23:34

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.