$BTC is a cryptocurrency based on decentralized adoption, peer-to-peer networks, consensus incentives, and open-source technology, using blockchain as the underlying technology. The term 'Bitcoin' was first introduced by an individual using the pseudonym Satoshi Nakamoto in a paper published on October 31, 2008, after which the Bitcoin genesis block was created on January 3, 2009. Bitcoin is the first blockchain application in history, characterized by decentralization, a limited supply, peer-to-peer transactions, and the use of cryptography to ensure security.