Today we answer the question: What is Bitcoin? A brief overview of creation, function and trajectory.
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Hey everyone i’m Ben with Bitnational and today we’re here to answer the question: What is bitcoin? Bitcoin was the world’s first decentralized digital currency. It was created in 2009 by an anonymous individual or group of people going by the name Satoshi Nakamoto. Bitcoin is not governed by any single entity, but rather through a process called consensus. Consensus means that in order to change any of the underlying rules of Bitcoin you would need the vast majority of people using the protocol to agree.
One of those underlying rules is that bitcoin will only ever issue 21 million coins. Those coins are issued in a tapered fashion. What this means is that in 2009 when Bitcoin started, roughly every 10 minutes 50 new bitcoin were created. That number continues to be cut in half every four years. Currently 12.5 bitcoins are issued roughly every 10 minutes. That number will continue to be cut in half every 4 years until around the year 2140 when there are no new coins to be issued.
So who gets the newly minted Bitcoin? While those coins are issued to people called Bitcoin miners. A miner is someone who volunteers their computing power to help check and verify transactions on the network. Now anyone can be a Bitcoin miner, however, over time things have become very specialized. In fact currently we now see warehouses absolutely full of very specialized computers just for Bitcoin mining.
Bitcoin continues to be the most well recognized asset in the space and many refer to it as the gold standard of cryptocurrency.
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