Bitcoin is a digital asset and payment system created by an unidentified programmer or group under the name Satoshi Nakamoto in 2008. It operates as a peer-to-peer system without middlemen, using a public ledger called blockchain to record transactions. Nakamoto’s identity remains unknown. The U.S. Treasury categorizes bitcoin as a decentralized virtual currency. It is the first and largest cryptocurrency, but not the first decentralized digital currency. Since its release as open-source software in 2009, Bitcoin has gained traction and is the largest of its kind in terms of total market value.
Bitcoin is a digital asset and a payment system invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list, and released as open-source software in 2009. There have been various claims and speculation concerning the identity of Nakamoto, none of which are confirmed. The system is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain, which uses bitcoin as its unit of account. Since the system works without a central repository or single administrator, the U.S. Treasury categorizes bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed and it is more correctly described as the first decentralized digital currency. Bitcoin is the largest of its kind in terms of total market value
