Bitcoin was the first cryptocurrency invented, and has maintained its position as the leading and most popular virtual asset since its inception. It was originally designed to be used as peer-to-peer electronic cash that would enable anyone to conduct online money transfers no matter where they are in the world at any given time. It was created back in 2009 by an unknown developer/s under the pseudonym Satoshi Nakamoto.
Bitcoin kicked off the blockchain and cryptocurrency era in 2008 with the publication of Nakamoto’s whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”, which came as a direct response to the 2008 banking crisis and subsequent bailout of banks by governments around the world.
In recent times, Bitcoin has reinvented itself to be more of a store of value than a medium of exchange.
Bitcoin supports a decentralized cash system that is not controlled by central banks, government agencies, or any other authority figure or third-party. All this currency requires is an internet connection and any computing device that supports the necessary software such as a computer, mobile phone, or hardware wallet.
Bitcoin is also the first currency to solve the age-old double-spending problem by implementing blockchain technology. A blockchain refers to the distributed ledger that maintains a record of all the transactions. The Bitcoin network is maintained through a consensus mechanism that incorporates special users that solve a mathematical puzzle; a process that also ensures that no one can cheat the system.