Bitcoin is one the first digital currencies to appear , being created in 2009 by an anonymous person/group under the alias of Satoshi Nakamoto. Ever since its inception the source code has been made p
ublicly available, which means anyone can join the development process.
Bitcoin does not exist in a physical form, nor is it issued or controlled by a central authority, such as a bank or government. Instead, Bitcoin uses a decentralized method to validate transactions known as a Proof-of-Work(POW) algorithm, where miners compete using computing power to find the solution to each block, which is then added to the blockchain, thus verifying the transactions stored on that block.
Aiming to be a new type of money, one that can be exchanged for goods and services without the need for a 3rd party, Bitcoin can also be described as a peer-to-peer currency that does not require open banking hours to work.
Being the first and by far the most successful cryptocurrency , it was the inspiration for creating alternative currencies (also called altcoins) such as Ethereum, Ripple, Litecoin and so on.
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