Bitcoin Price (BTC) Today
What is Bitcoin?
Bitcoin was the first successful internet money based on peer-to-peer technology; where there is no central bank or authority involved in the transactions and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is publicly available as an open source project, anyone can view it and be a part of the development process.
Bitcoin is changing the way we see money as we speak. The idea is to produce a means of exchange, independent of any central authority, which can be transferred electronically in a secure, verifiable and immutable manner. It is a decentralized peer-to-peer internet currency.
Bitcoin is designed to have only 21 million BTC ever created, thus making it a deflationary currency. Bitcoin uses the SHA-256 hashing algorithm with an average transaction confirmation time of 10 minutes. Miners currently mine Bitcoin using ASIC chips dedicated solely to mining Bitcoin, and the hash rate has soared to the hash map.
Being the first successful online cryptographic currency, Bitcoin has inspired other alternative currencies such as Litecoin, Peercoin, Primecoin, and so on.
Cryptocurrency was then launched with a turing-complete smart contract innovation by Ethereum which led to the development of other amazing projects like EOS, Tron, and even crypto collectibles like CryptoKitties.