What Is Bitcoin (BTC)?

  • 2023 Oct 05

Bitcoin, initially outlined in a 2008 whitepaper by an individual or a group using the pseudonym Satoshi Nakamoto, is a decentralized cryptocurrency. It was officially launched in January 2009.

Bitcoin operates as a peer-to-peer digital currency, enabling transactions to occur directly between equal and independent network participants without requiring any intermediaries to authorize or facilitate them. Nakamoto’s intention, as stated in their own words, was to enable “online payments to be sent directly from one party to another without involving a financial institution.”

While there were earlier concepts for decentralized electronic currencies, Bitcoin holds the distinction of being the first cryptocurrency to gain practical use