Bitcoin (btc) is a cryptocurrency, a form of electronic cash.
It is a decentralized digital currency without a central bank or single administrator
that can be sent from user to user on the peer-to-peer bitcoin network without the need
for intermediaries.
Transactions are verified by network nodes through cryptography and
recorded in a public distributed ledger called a blockchain. Bitcoin was
invented by an unknown person or group of people using the name Satoshi
Nakamoto and was released as open-source software in 2009.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
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Bitcoin has been criticized for its use in illegal transactions,
its high electricity consumption, price volatility, thefts from exchanges,
and by reputable economists stating that "it should have a zero price".
Bitcoin has also been used as an investment, although several
regulatory agencies have issued investor alerts about bitcoin
The domain name "bitcoin.org" was registered on 18 August 2008.
On 31 October 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin:
A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list.
Nakamoto implemented the bitcoin software as open-source code and released
it in January 2009. Nakamoto's identity remains unknown.
On 3 January 2009, the bitcoin network was created when Nakamoto mined
the first block of the chain, known as the genesis block.
Embedded in the coinbase of this block was the text "The Times 03/Jan/2009
Chancellor on brink of second bailout for banks".
This note references a headline published by The Times and has been interpreted
as both a timestamp and a comment on the instability caused by fractional-reserve banking.
The receiver of the first bitcoin transaction was cypherpunk Hal Finney,
who created the first reusable proof-of-work system (RPoW) in 2004.
Finney downloaded the bitcoin software on its release date, and on 12 January 2009
received ten bitcoins from Nakamoto.
Other early cypherpunk supporters were creators of bitcoin predecessors:
Wei Dai, creator of b-money, and Nick Szabo, creator of bit gold. In 2010,
the first known commercial transaction using bitcoin occurred when programmer
Laszlo Hanyecz bought two Papa John's pizzas for 10,000.
Blockchain analysts estimate that Nakamoto had mined about one million bitcoins.
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