Crypto Terms: Letter B

What is Bitcoin?

Bitcoin MEANING:
Bitcoin - the first-ever cryptocurrency.
1 minute

Let's find out Bitcoin meaning, definition in crypto, what is Bitcoin, and all other detailed facts.

Bitcoin (BTC) is the first digital currency a.k.a. cryptocurrency. It was launched in 2009 by Satoshi Nakamoto who believed that financial transactions can be successfully executed without the need of a middleman. Being the first cryptocurrency, Bitcoin also mined the first block also known as the genesis block.

However, the term Bitcoin is often misused when referring to a distributed public ledger, a blockchain, or a protocol.

Bitcoin’s decentralized public ledger is what enables peer-to-peer transactions. Each transaction is available to be accessed by anyone without compromising the anonymity of the sender and receiver. It is also known as the blockchain. In essence, a blockchain is a system that allows recording transactions in a trustless manner. Meaning users don’t have to trust a third party to ensure the transaction has been completed successfully. It’s done purely through code and mathematical algorithms.

Blockchain technology and cryptography act as a sort of shield against fraud and other malicious attacks.

Until 2014, Bitcoin was the name of open-source client software that was changed to Bitcoin Core to make sure people don’t get the wrong idea.