What do I need to know about Bitcoin?
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Bitcoin (BTC) was created to be a new kind of virtual currency that could be sent directly from one person to another, across all borders and without the help of intermediaries like banks. It introduced innovations like blockchain that showed crypto could someday be used like cash or credit.
Bitcoin's big breakthrough came from combining existing ideas like virtual currencies and encryption with a gamechanger of its own called "blockchain" - a technology that records crypto transactions and ownership.
The invention of Bitcoin has led to thousands of variations on the original - collectively called altcoins - all striving towards the goal of universal adoption.
Quick facts
Known as the creator of Bitcoin, Satoshi Nakamoto is actually a pseudonym for someone (or some people) whose true identity remains a mystery.
The first purchase involving bitcoins was pizza. Soon after that? Alpaca wool socks.
Worth searching to learn more about Bitcoin
- Bitcoin halving
- Block mining
- Distributed ledger