Bitcoin is a digital currency created in 2009. It follows ideas set out in a whitepaper by Satoshi Nakamoto. It promises lower transaction fees than traditional online payment mechanisms and is operated by a decentralised authority, illustrating a digital currency based on a peer-to-peer model.
Unlike traditional currencies, BTC doesn’t rely on an organisation to issue its currency but instead relies on ‘miners’ to solve a specific mathematical algorithm which generates BTC once every 10 minutes. BTC economy uses a distributed database formed by multiple nodes in a P2P network to confirm and record all transactions. Additionally, it uses cryptography design to ensure the security of the currency in circulation.
Issue date: January 3, 2009
Total supply: 21 million
Initial price: Around $13.36 USD
Record high: reached $5,808 USD per token in mid-October 2017