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  • Bitcoin is a cryptocurrency and a payment system:3 invented:3,4 by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto

 Bitcoin facts

  • Bitcoin was introduced on 31 October 2008 to a cryptography mailing list, and released as open-source software in 2009
  • There have been various claims and speculation concerning the identity of Nakamoto, none of which are confirmed
  • The system is peer-to-peer and transactions take place between users directly, without an intermediary
  • These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain, which uses bitcoin as its unit of account
  • Since the system works without a central repository or single administrator, the U
  • S
  • Treasury categorizes bitcoin as a decentralized virtual currency
  • Bitcoin is often called the first cryptocurrency, although prior systems existed and it is more correctly described as the first decentralized digital currency
  • Bitcoin is the largest of its kind in terms of total market value
  • Bitcoins are created as a reward in a competition in which users offer their computing power to establish the order of bitcoin transactions

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