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What Is Bitcoin? A Quick Outline

What is Bitcoin? Everybody has heard of Bitcoin but not many people can tell you exactly what it is. It’s a very simple but complex protocol and network, but basically it’s a decentralized network of trust that needs no third party verification.

It is an open ledger, that anybody can participate in, that thousands of distributed computers work together to validate transactions and secure the network.

The transactions are immutable and every Bitcoin is divisible by 100 million.

Who created Bitcoin?

A pseudonymous software developer known as Satoshi Nakamoto created and launched Bitcoin on January 3rd 2009. It was initially proposed as an electronic payment system based on math.

Satoshi’s vision was to produce a means of exchange, that could be transferred electronically in a secure, verifiable and immutable way, all without the need of a central authority.

To this day, nobody knows who Satoshi Nakamoto is. Read More...