Bitcoin (BTC) is the world’s first cyrptocurrency built on distributed ledger (blockchain) with the proof-of-work mechanism that is not backed by any country’s central bank or government, it was founded by “Satoshi Nakamoto”, a pseudonym representing an individual or group of individuals, who published the whitepaper in October 31st, 2008.
Bitcoins can be used as a digital currency for peer-to-peer electronic transactions and traded for goods or services with vendors who accept Bitcoins as payment.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.