Section One: Inside Bitcoin
Inside Bitcoin
Bitcoin 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 intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
When Bitcoin was launched, it started trading from $0.0008 to $0.08 per coin in 2010. Today, in 2021, the price of one Bitcoin is more than $45,000, with a total market capitalization of more than $900 billion. Bitcoin is the market leader to which altcoins oscillate due to movements.
Anonymous Figure Creator: Satoshi Nakamoto
"A lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed since the 1990s. I hope it’s obvious it was only the centrally controlled nature of those systems that doomed them. I think this is the first time we’re trying a decentralized, non-trust-based system."
Bitcoin was the first cryptocurrency launched by Satoshi Nakamoto in 2009. Satoshi Nakamoto designed Bitcoin's core protocol to solve a significant issue to prevent double-spending by integrating transaction logs with blockchain technology to verify in a public distributed ledger.
Bitcoin's Core Protocol
Bitcoin transactions are recorded on a publicly distributed blockchain ledger, but your identity is not revealed. Bitcoin uses peer-to-peer technology for commerce, and that’s why there is no centralized authority or a central bank that manages or manipulates your transactions. Bitcoin has been getting massive popularity because it has brought the revolution for making transactions with no centralized authority. It is the oldest digital asset, and therefore, it is widely accepted across the globe.