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Bitcoin is an innovative payment network and new type of money. It is an incredible innovation in financial history.

Bitcoin uses peer-to-peer technology to operate without a central authority or bank; managing bitcoin transactions and issuance is carried out collectively by the network. Bitcoin is open-source; the design is public, nobody owns or controls Bitcoin and everyone can take part. Through its many unique properties, Bitcoin allows attractive uses that cannot be covered by previous payment systems.

How does Bitcoin work?

From a user's perspective, Bitcoin is nothing more than a cellular application or computer program that provides a personal Bitcoin wallet and allows users to send and receive bitcoin. This is how Bitcoin works for most users.

Behind the scenes, the Bitcoin network shares public ledgers called "block chains". This ledger contains every transaction that has been processed, allowing the user's computer to verify the validity of each transaction. The authenticity of each transaction is protected by a digital signature that matches the shipping address, allowing all users to have full control over the delivery of bitcoin from their own Bitcoin address. In addition, anyone can process transactions using the power of special computing hardware and get prizes in the form of bitcoin for this service. This is often called "mining". To learn more about Bitcoin, you can view special pages and original papers.

Who Invented Bitcoin?

Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of ​​a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 on the cryptographic mailing list by Satoshi Nakamoto. Satoshi left the project at the end of 2010 without revealing much about himself. The community has grown exponentially with many developers working on Bitcoin.

Satoshi's anonymity often raises unjustified concerns, many of which are related to misconceptions about the open-source nature of Bitcoin. Bitcoin protocols and software are publicly published and any developer throughout the world can review the code or make their own modified versions of the Bitcoin software. Just like the current developer, Satoshi's influence is limited to the changes he makes adopted by others and hence he does not control Bitcoin. As such, the identity of the inventor of Bitcoin may today be relevant to the identity of the person who invented paper.

Who controls the Bitcoin network?

Nobody has a Bitcoin network like nobody has the technology behind email. Bitcoin is controlled by all Bitcoin users throughout the world. While developers improve software, they cannot force changes in the Bitcoin protocol because all users are free to choose what software and version they are using. To remain compatible with each other, all users must use software that complies with the same rules. Bitcoin can only work correctly with complete consensus among all users. Because of this, all users and developers have strong incentives to protect this consensus.

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