$BTC

What is Bitcoin? Its History and Characteristics, and the Pros and Cons

Definition of Bitcoin

Bitcoin (BTC) is a digital currency that is used and distributed electronically.

Bitcoin is a decentralized peer-to-peer network. It is not under the control of any institution or individual.

Bitcoin cannot be printed, and its amount is very limited - only 21 million Bitcoins can ever be created.

Who created Bitcoin?

Bitcoin was first introduced as open-source software by an anonymous programmer, or a group of programmers, under the pseudonym Satoshi Nakamoto in 2009. There have been many rumors about the true identity of Bitcoin's creator, but all the individuals mentioned in those rumors have publicly denied being Nakamoto.

Nakamoto himself once claimed to be 37 years old and living in Japan. However, due to his fluent English and the absence of any documentation in Japanese, there are reasonable doubts about this matter. Around the middle of 2010, Nakamoto turned to other things, leaving Bitcoin in the hands of a few prominent members of the Bitcoin community. Satoshi also appointed "Gavin Andresen" as the lead developer.

Estimates suggest that Nakamoto owns about one million Bitcoins, which is worth approximately $3.6 billion as of September 2017.