What is Bitcoin?
Bitcoin is a digital currency and the first decentralized, peer-to-peer electronic cash system that has ushered in the entire industry movement that is known today as cryptocurrency.
More than just a digital asset, Bitcoin is a money reinvented. The most impressive aspect of Bitcoin is that it is both the payment rail and the currency that runs atop of it - all in one. The fact that is decentralized in nature has ushered in a wave of technological disruption the likes humanity has not experienced since the Model T invention.
How did it start?
This idea was first introduced to the world back in 2008 when the mysterious investor Satoshi Nakamoto released the Bitcoin whitepaper. It was only a few months later and the Bitcoin network was officially launched in early 2009, creating the first block of transactions which is called the “Genesis” block. From there, Bitcoin slowly began to garner more interest from enthusiasts, investors and entrepreneurs alike. Eventually the mainstream media took notice and took a generally dismissive stance to it.
Bitcoin has grown leaps and bounds in popularity, adoption and price. With only 21 million Bitcoin ever to be created by the protocol, its digital scarcity has been well received in comparison to the endless currency supplies of national currencies. Bitcoin is powered by the foundational technology that is called blockchain. A distributed ledger that keeps a history of all transactions in a cryptographically secure manner. This is all part of Satoshi Nakamoto’s invention and Bitcoin has stood the test of time as the longest running blockchain network in history.
In a nutshell
Simply put, Bitcoin is the standard bearer for the cryptocurrency industry and is fast becoming a cultural icon that will define this era of both technology and finance.