If you’re like the majority of people hearing about Bitcoin for the first time, you may be wondering, “What on Earth is a Bitcoin??”
This articles is intended to share the background of the term, the concept, and application of this new form of digital currency. We will explain who the founder is, the concept behind what it is, and the technological structure that allows the currency to exist and demonstrate economic value in the market.
Founder and Origins of Bitcoin
The founder of Bitcoin is “someone” who is known as Satoshi Nakamoto. It is the name used by the unknown person or group of people who designed bitcoin and created its original system for implementation. As part of the implementation of bitcoin, they also devised the first blockchain database.
Continue reading to learn more about bitcoin and blockchain below.
What Is Bitcoin
Bitcoin is a cryptocurrency. A cryptocurrency is digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Bitcoin was the first digital currency to successfully utilize what is called blockchain technology for people to use. Blockchain is the name of the system that allows for the encryption techniques mentioned above. Decentralized cryptocurrencies such as bitcoin offer an option for personal wealth that cannot be confiscated or restricted.