Chapter Four: What is Bitcoin?

bitcoinSymbol: BTC

Invented by: Satoshi Nakamoto (pseudonym)



Year invented: 2009



Usecase: peer to peer electronic cash system

Circulating Supply: 16,499,400

Total Supply: 21,000,000

Popular Exchanges: Bittrex, Bitfinex, Poloniex, Coinbase, GDAX

Popular Wallets: Ledger, Trezor

October 2017 Exchange rate: 1BTC=$

% Gain in 2017Overview: Bitcoin is a worldwide cryptocurrency and digital payment system[13]:3 invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto.[14] It was released as open-source software in 2009.[15]

The system is peer-to-peer, and transactions take place between users directly, without an intermediary.[13]:4 These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency.[13]:1[16]

Besides being created as a reward for mining, bitcoin can be exchanged for other currencies,[17] products, and services in legal or black markets.[18][19]