Bitcoin <₿> is a decentralized digital currency that can be transferred on the peer-to-peer bitcoin network.[5] Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was invented in 2009 by an unknown person or group of people using the name Satoshi Nakamoto.[9] The currency began use in 2008[10] when its implementation was released as open-source software.
Denominations
Plural
bitcoins
Symbol
₿ (Unicode: U+20BF ₿ BITCOIN SIGN)[a]
Code
BTC,[b] XBT[c]
Precision
10−8
Subunits
1⁄1000
millibitcoin
1⁄1000000
microbitcoin
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 2008 (14 years ago)
Latest release
23.0 / 25 April 2022 (2 months ago)[3]
Code repository
github.com/bitcoin/bitcoin
Development status
Active
Ledger
Ledger start
3 January 2009 (13 years ago)
Timestamping scheme
Proof-of-work (partial hash inversion)
Hash function
SHA-256 (two rounds)
Issuance schedule
Decentralized (block reward)
₿6.25[d]
Block time
10 minutes
Circulating supply
₿18,925,000[e]
Supply limit
₿21,000,000[5][f]
Valuation
Exchange rate
Floating
Market cap
US$352 billion (2022-06-18, highly volatile)
Bitcoin has been featured in current science as the current bubble by at least seven Nobel Memorial Prize recipients. [11]
The term Bitcoin was defined in a white paper issued on October 30, 2008. It is a combination of bit and coin attachment. [19] No similar convention exists before Bitcoin. Some sources use Bitcoin, the first and Bitcoin for the account unit, to refer to technology and networks. [15] The Word Street Journal, [16] The Chronicle of Great Education, [17] and the Oxford English Diary [14] all account for the use of lowercase bitcoin.
Some central and national governments are officially using Bitcoin to some extent; El Salvador and The Central African Republic has adopted Bitcoin as a legal tender.