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Bitcoin is a decentralized cryptocurrency that operates on its own blockchain (the Bitcoin blockchain) that is secured and run by a vast global network of participants.
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How Bitcoin worksĪs Bitcoin’s adoption has grown over the years, more people have likely begun wondering how Bitcoin works. Over time, competitors have aimed to create different digital assets that improve on Bitcoin’s model as a store of value and transactional asset, but Bitcoin still remains the top asset by market capitalization, thanks to its BTC-to-USD price. Nakamoto ceased communication in Bitcoin’s early years, and their real identity remains a mystery.Īlthough the crypto industry started with just Bitcoin and its underlying blockchain technology, the sector now includes thousands of assets alongside numerous different blockchains and solutions pertaining to a bevy of use cases. In 2009, Bitcoin’s first block, called its genesis block, went live and brought BTC officially into existence as an asset. Satoshi Nakamoto, a pseudonymous person or group, published the Bitcoin white paper in 2008, laying out BTC’s concept. BTC has a maximum supply of 21 million coins - a notable point of focus when discussing BTC value. In the years since its 2009 launch, Bitcoin, or 比特 币 in Chinese, has ignited the growth and adoption of crypto, ultimately leading to the industry of today. Bitcoin (BTC) is the cryptocurrency industry’s first asset.