About Bitcoin

Bitcoin is the first widely-adopted cryptocurrency, and still has the highest market cap. An unknown author or group of authors outlined Bitcoin in a 2008 academic whitepaper as a decentralized “peer-to-peer electronic cash system” under the pen name Satoshi Nakamoto. Bitcoin relies on a Proof of Work (POW) algorithm where miners, acting as members, use cryptography to create new Bitcoins and receive bitcoin as reward for verifying transactions. Anyone can send Bitcoin directly without the need for a bank or administrator as an intermediary. The distributed group of miners confirms transactions, adding them to the Bitcoin blockchain, or public ledger. Once a request to send Bitcoin is verified, it is added to the blockchain, where it cannot be altered or reversed. Bitcoin uses SegWit to store portions of transaction deals off its blockchain in an effort to increase transaction scalability. Currently, Bitcoin processes transactions at about 7 transactions per second (TPS).