Bitcoin is an electronic currency created in 2009 by Satoshi Nakamoto. The name is also associated with the open-source software he designed, and it uses a peer-to-peer network without centralized storage or a single administrator, where the U.S. Department of the Treasury refers to bitcoin as a decentralized currency. Unlike conventional currencies, bitcoin does not rely on trusting a central issuer. Bitcoin uses a distributed database that spreads across nodes of a P2P network to record transactions and employs cryptography to provide basic security functions, such as ensuring that bitcoins can only be spent by their owners and may never be spent more than once.

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