What Is Bitcoin? | Cool History

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Recently, we have seen the rise of cryptocurrencies like Ethereum, Ripple, and Litecoin. But leading the charge has always been Bitcoin... but what is Bitcoin? How does Bitcoin work? And how do you even make Bitcoin?

Well, Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.

But we delve a little deeper into the evolution of Bitcoin in this episode of Cool History!

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SOURCES:

ttps://www.theguardian.com/technology/2017/sep/13/from-silk-road-to-atms-the-history-of-bitcoin
https://futurism.com/images/the-entire-history-of-bitcoin-in-a-single-infographic/
https://www.moneycrashers.com/cryptocurrency-history-bitcoin-alternatives/
https://www.forbes.com/sites/bernardmarr/2017/12/06/a-short-history-of-bitcoin-and-crypto-currency-everyone-should-read/#37ae68bf3f27
http://www.businessinsider.com/who-created-bitcoin-2013-4
https://www.investopedia.com/terms/b/blockchain.asp

Research by Adrian Arulseelan
Written by Sabrina Cruz

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Видео What Is Bitcoin? | Cool History канала Answer in Progress