What is Bitcoin?

bitcoin world Google Search (1).png So what is Bitcoin? Simply put, it's the first decentralized digital currency; decentralized meaning that there is no central authority or governing body that controls Bitcoin. It runs on a protocol called the Blockchain; defined as the shared, trusted, public ledger of transactions, that anyone can view, but no one person controls. The Blockchain operates on a peer to peer network, which allows persons to digitally transfer a medium of exchange between one another, without going through a centralized financial institute. It's completely open-source, meaning that the original source code, or text list of commands within a computer program, is freely available for any and all to not only see, but also redistribute and modify.
Bitcoin is looked at as digital gold, being that its scarce since there will only ever be 21 million ever created and compared also as a store of value. It is recovered in a way similar to that of gold through a process called mining, that takes place when computational power is used to solve complicated math problems, or algorithms. These algorithms, which are created when a transaction is made on the Blockchain, begin what is called a block. The formation of the block is complete when it has been confirmed or the algorithm has been solved. Each transaction on the Blockchain with Bitcoin takes 6 confirmations or blocks in order to be complete. These blocks contain the records of the transaction and are forever recorded on the Blockchain for all to see.
So who created Bitcoin? The truth is, no one really knows the actual entity that created the cryptocurrency, which it has been coined because of the encryption techniques used to control the production of units and verify the transfer of funds. Whether it's one individual, a group of persons, or maybe even A.I. the only thing that is known is the creator was self titled as Satoshi Nakamoto.
The word Bitcoin was first used and defined in the original white paper that was published on Halloween of 2008. A link to that white paper, which was just an informational document explaining this new technology and methodology, was authored by Satoshi Nakamoto and titled Bitcoin: A Peer-to-Peer Electronic Cash System. This link was posted to a cryptography mailing list and by January 2009, the bitcoin network was made manifest after Satoshi Nakamoto mined what is called the "genisis block" or the first ever block on the blockchain. Encoded within the block was the text : The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.

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