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The first decentralized cryptocurrency. 

  • Bitcoin (BTC) is a decentralized digital currency on the peer-to-peer bitcoin network. 
  • Launched in 2009, Bitcoin is the world’s first cryptocurrency, and is also the largest cryptocurrency by market capitalization.  
  • Bitcoin exists on a decentralized ledger system called a blockchain.
  • Bitcoin uses proof-of-work (PoW) for consensus, which makes it computationally infeasible for malicious actors to tamper with transaction records or include false transactions unless they have 51% control of the nodes operating the bitcoin network.   
  • As outlined in its whitepaper, bitcoin was created as “a purely peer-to-peer version of electronic cash [that] would allow online payments to be sent directly from one party to another without going through a financial institution”. 
  • The total supply of bitcoin is 21,000,000 coins. Since its launch, approximately 20% of all bitcoins have been lost or mis-sent. The hard cap of 21 million bitcoins makes bitcoin a deflationary asset. 
  • Bitcoin was invented in 2008 by Satoshi Nakamoto, who might be a person or a group of people. Several people have claimed or were thought to be Satoshi, but their true identity has never been verified or revealed.

 

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