- Bitcoin is the first cryptocurrency that is decentralized.
- The first transaction was on 3rd Jan 2009 by Satoshi Nakamoto (A pen name used by the developer) The whitepaper was released on 31st Oct 2008
- Bitcoin is a peer-to-peer online currency, uses SHA256 encryption
- It has had two major upgrades, SegWit and Taproot which enables snchorr signatures improving the networks privacy standard.
Bitcoin is a decentralized digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network.
The original Bitcoin software by Satoshi Nakamoto was released under the MIT license. Most client software, derived or “from scratch”, also use open source licensing.
Bitcoin is the first successful implementation of a distributed crypto-currency, described in part in 1998 by Wei Dai on the cypherpunks mailing list. Building upon the notion that money is any object, or any sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic context, Bitcoin is designed around the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities.
Bitcoins have all the desirable properties of a money-like good. They are portable, durable, divisible, recognizable, fungible, scarce and difficult to counterfeit.
Historical Price Movement (in INR)
Bitcoin uses public-key cryptography, peer-to-peer networking, and proof-of-work to process and verify payments. Bitcoins are sent (or signed over) from one address to another with each user potentially having many, many addresses. Each payment transaction is broadcast to the network and included in the blockchain so that the included bitcoins cannot be spent twice. After an hour or two, each transaction is locked in time by the massive amount of processing power that continues to extend the blockchain. Using these techniques, Bitcoin provides a fast and extremely reliable payment network that anyone can use.
BREAKDOWN OF HOW NATIVE TOKENS IS USED IN THE ECOSYSTEM:
BTC serves as a decentralized store of value, which is one of its most essential roles. In other words, it establishes ownership rights in the form of a physical item or a monetary unit.
|Name of Organization||Bitcoin Core.|
|Dispute Resolution and Governing Law|
|Country Risk Assessment||Decentralized|
|Satoshi Nakamoto – Anonymous||Founder||Computer Programmer/Scientist||–|
|Martti Malmi||Early Developer||–||–|
When Nakamoto left the project, he gave ownership of the domain to additional people, separate from the Bitcoin developers, to spread responsibility and prevent any one person or group from easily gaining control over the Bitcoin project.
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