[BTC] Balance: 85 satoshi
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Bitcoin (abbreviation: BTC; sign: ₿) is the first decentralized cryptocurrency. Based on a free-market ideology.bitcoin was invented in 2008 when an unknown person published a white paper under the pseudonym of Satoshi Nakamoto.Use of bitcoin as a currency began in 2009, with the release of its open-source implementation.From 2021 to 2025, El Salvador adopted it as legal tender currency before revoking it. As bitcoin is pseudonymous, its use by criminals has attracted the attention of regulators, leading to its ban by several countries. Bitcoin works through the collaboration of computers, each of which acts as a node in the peer-to-peer bitcoin network.
Each node maintains an independent copy of a public distributed ledger of transactions, called a blockchain. without central oversight. Transactions are validated through the use of cryptography, preventing one person from spending another person's bitcoin, as long as the owner of the bitcoin keeps certain sensitive data secret.
Consensus between nodes about the content of the blockchain is achieved using a computationally intensive process based on proof of work, called mining, which is performed by purpose-built computers. Mining consumes large quantities of electricity, with surveyed miners reporting that 52% of their electricity use came from sustainable energy sources, and has been criticized for its environmental impact.
Before bitcoin, several digital cash technologies were released, starting with David Chaum's ecash in the 1980s. The idea that solutions to computational puzzles could have some value was first proposed by cryptographers Cynthia Dwork and Moni Naor in 1992.The concept was independently rediscovered by Adam Back who developed Hashcash.a proof-of-work scheme for spam control in 1997. The first proposals for distributed digital scarcity-based cryptocurrencies came from cypherpunks Wei Dai (b-money) and Nick Szabo (bit gold) in 1998.In 2004, Hal Finney developed the first currency based on reusable proof of work.These various attempts were not successful Chaum's concept required centralized control and no banks wanted to sign on, Hashcash had no protection against double-spending, while b-money and bit gold were not resistant to Sybil attacksThe unit of account of the bitcoin system is the bitcoin. It is most commonly represented with the symbol ₿ designed in 2010[1] and the currency code BTC. However, the BTC code does not conform to ISO 4217 as BT is the country code of Bhutan, and ISO 4217 requires the first letter used in global commodities to be 'X'.XBT, a code that conforms to ISO 4217 though not officially part of it,is used by Bloomberg L.P. No uniform capitalization convention exists. some sources use Bitcoin, capitalized, to refer to the technology and network and bitcoin.lowercase, for the unit of account.The Cambridge Advanced Learner's Dictionary and the Oxford Advanced Learner's Dictionary use the capitalized and lowercase variants without distinction. One bitcoin is divisible to eight decimal places.Units for smaller amounts of bitcoin are the millibitcoin (mBTC), equal to 1⁄1000 bitcoin, and the satoshi[a] (sat), representing 1⁄100000000 (one hundred millionth) bitcoin, the smallest amount possible.100,000 satoshis are one mBTC. Blockchain Further information: Blockchain § Structure and design As a decentralized system.bitcoin operates without a central authority or single administrator,so that anyone can create a new bitcoin address and transact without needing any approval.This is accomplished through a specialized distributed ledger called a blockchain that records bitcoin transactions. The blockchain is implemented as an ordered list of blocks. Each block contains the hash of the previous block, made by hashing its header twice with SHA-256, chaining them in chronological order. The blockchain is maintained by a peer-to-peer network.Individual blocks, public addresses, and transactions within blocks are public information, and can be examined using a blockchain explorer.