The Cryptocurrency That Shaped The Entire Crypto Industry.
Bitcoin (BTC) Fact Sheet
- Bitcoin (BTC) is the first decentralized open-source cryptocurrency in existence. Bitcoin is a representation of a Layer-1 Peer-to-Peer (P2P) digital asset exchange system that enables the transfer of digital currencies from one person to another without relying on a central authority such as a bank, brokerage, or any other institution.
- Bitcoin (BTC) was initially launched in 2009 by a pseudonymous person or group of people that used the alias "Satoshi Nakamoto," who published the original Bitcoin whitepaper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" in 2008.
- Bitcoin is secure and prevents the double-spending issue in a decentralized way by utilizing a unique consensus mechanism known as Proof-of-Work (PoW), which uses SHA-256d-based cryptography to reach consensus.
- Within this system, miners compete against one another in a race to verify the next blockchain block, which, once confirmed, gets added to the previous block, forming a chain. The winning miner wins a newly mined BTC cryptocurrency. This process typically takes 10 minutes to complete.
- The maximum supply of Bitcoin (BTC) is capped at 21 million tokens. To ensure that they are not mined quickly, there is Bitcoin halving, where ever 210,000 blocks (or four years based on estimates), the mining rewards get cut in half.
- Bitcoin (BTC) is not controlled by any company, government, or other entity, and is completely decentralized. Bitcoin nodes are run by the community and the code is open-source and guided by a consensus of top contributing developers.