- Category: Cryptocurrency
- Coin Launched: January, 2009
- Resources: White Paper
- Official Website: Bitcoin
- Reddit: Bitcoin
Bitcoin is a cryptocurrency. It is a decentralized digital currency that is based on cryptography. As such, it can operate without the need of a central authority like a central bank or a company.
It is unlike government-issued or fiat currencies such as US Dollars or Euro in which they are controlled by the country’s central bank. The decentralized nature allows it to operate on a peer-to-peer network whereby users are able to send funds to each other without going through intermediaries.
BITCOIN History / Information / Buying / Staking
Conception to Launch On October 31, 2008, at the peak of the Global Financial Crisis, just six weeks after the infamous investment bank, Lehman Brothers, declared bankruptcy, the pseudonymous Satoshi Nakamoto released the Bitcoin whitepaper to the cryptography mailing list. Titled "Bitcoin: A Peer-to-Peer Electronic Cash System", the whitepaper proposed a new electronic cash system that would allow fully peer-to-peer online payments without reliance on trusted third parties. Soon after the release of the whitepaper, Satoshi implemented the Bitcoin software as open-source code. On 3 January 2009, the Bitcoin network came into existence with Satoshi mining the genesis block of Bitcoin, which included a now-famous "The Times" headline in the coinbase both to prove the network’s fair launch and to make a political statement about the global financial system. The event marked the birth of the world's first non-sovereign, decentralized, digital money.
HOW BITCOIN WORKS
Bitcoin is a digital currency which operates free of any central control or the oversight of banks or governments. Instead it relies on peer-to-peer software and cryptography. A public ledger records all bitcoin transactions and copies are held on servers around the world.
BENEFITS OF USING BITCOIN
Some of the benefits of using Bitcoin are:
FAST AND EASY TO USE
IMMUNE TO SEIZURE
DECENTRALIZED OPEN SOURCE
CAN YOU STAKE BITCOIN
No staking is not available for Bitcoin as Bitcoin uses Proof-of-work which is the blockchain-based algorithm that secures Bitcoin.
- COINS SIMILAR TO BITCOIN