Bitcoin is the best version of cryptocurrency available today. It is secured by cryptography and is exchanged like traditional currencies.
Bitcoin is the first established cryptocurrency created in 2009 by Santoshi Nakamoto by an anonymous individual or group.
The goal was to start a new electronic cash system that was decentralized and hence free from the control of a central authority or server.
The first details of how a bitcoin would work were described in a whitepaper published by Santoshi Nakamoto at an online cryptography forum in 2008.
It was marked as a ‘peer-to-peer electronic cash transfer system.’ The white paper also successfully attempted to portray how the different parts of the bitcoin protocol will work and can be kept secure.
Other digital tokens or cryptocurrencies have imitated the basic idea of Bitcoin, its blockchain, to address perceived problems with new blockchains. The first release of bitcoin was version 0.1, written by Santoshi Nakamoto.
The hardcoded genesis block is the very first block in the bitcoin blockchain. According to Santoshi, anyone could download the source code and run it to join the bitcoin network.
Cryptocurrencies are a kind of virtual money that operates a lot like cash and is used online anywhere.
Even though bitcoin is the first and most popular cryptocurrency, it is now not about bitcoin anymore. There are a lot of others that have caught people’s fancy and have evolved to become the microcosm of a larger economy.
Nowadays, these tokens are more focused on their utility than just their peer-to-peer transferable nature. Nevertheless, all the digital coins share a common lineage with bitcoin’s genesis.
The most popular cryptocurrencies are ripple, litecoin, ether, monero, dogecoin, zcash, etc. bitcoin still enjoys the greatest market capitalization among them all.
To get more detailed information about Bitcoin and Blockchain Technology, please check the following infographic; our friends at Bitcoinfy.net created this infographic for beginners willing to know more about Blockchain Technology.
