Bitcoin is a digital asset and an instalment framework invented by Satoshi Nakamoto who published a related paper in 2008 and distributed it as open-source programming in 2009. The system featured as a peer-to-peer transaction where users can transact specifically without an intermediary. Exchanges are verified by network nodes and recorded in an openly distributed ledger called the blockchain. The ledger utilizes bitcoin as its unit of account. The framework works without a focal repository or single administrator, which has driven the U.S. Treasury to classify bitcoin as a decentralized virtual currency. Bitcoin is correctly described as the first cryptocurrency, albeit earlier systems that existed. Bitcoin is effectively portrayed as the first decentralized digital currency. It is the biggest of its kind in terms of total market value at this point.
Bitcoins are created as a reward for payment handling work in which users offer their computing power to verify and record payment into a public ledger. This action is called mining and miners are remunerated with transaction fees and newly created bitcoins. Other than being acquired by mining, bitcoins can be traded for other currencies, goods, and services. Users can send and receive bitcoins for an optional transaction fee.
Bitcoin proposes a solution to the double-spending issue utilizing a peer-to-peer network. The network timestamps transactions by hashing them into a continuous chain of hash-based proof-of-work, forming a record that cannot be changed without re-doing the proof-of-work.
The longest chain not only serves as evidence of the sequence of events witnessed but as evidence that it originated from the biggest pool of CPU power. If a majority of CPU power is controlled by nodes that are not cooperating to assault the network, they will generate the longest chain and outpace assailants. The network itself requires negligible structure. Messages are communicated on a best effort premise, and nodes can leave and re-join the network voluntarily, accepting the longest proof-of-work chain as evidence of what happened while they were gone.
2. Coin Summary
Total Supply：21,000,000 BTC
Block Time：approx. 600 sec/block
3. Useful Links
Official Website: https://bitcoin.org/en/
Bitcoin Wiki: https://en.bitcoin.it/wiki/Main_Page
Bitcoin FAQ: https://bitcoin.org/en/faq
Block Explorer: https://blockchain.info/
Bitcoin Forum: https://bitcointalk.org/
Market Capitalizations: https://coinmarketcap.com/