Bitcoin[a] (₿) is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto[15] and started in 2009[16] when its implementation was released as open-source software
It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.[8] Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.[17] Research produced by University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.[18]
Bitcoin has been praised and criticized. Critics noted its use in illegal transactions, the large amount of electricity used by miners, price volatility, and thefts from exchanges. Some economists, including several Nobel laureates, have characterized it as a speculative bubble. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin
Denominations
Plural
bitcoins
Symbol
₿ (Unicode: U+20BF ₿ BITCOIN SIGN (HTML ₿))[a]
Ticker symbol
BTC, XBT[b]
Precision
10−8
Subunits
1⁄1000
millibitcoin
1⁄100000000
satoshi[2]
Development
Original author(s)
Satoshi Nakamoto
White paper
"Bitcoin: A Peer-to-Peer Electronic Cash System"[4]
Implementation(s)
Bitcoin Core
Initial release
0.1.0 / 9 January 2009 (11 years ago)
Latest release
0.20.1 / 2 August 2020 (2 months ago)[3]
Development status
Active
Website
bitcoin.org.
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