Bitcoin, the new scrappy currency that everyone seems to be talking about is actually not that new, in fact the concept was introduced in a 2008 paper by a pseudonymous developer known only as “Satoshi Nakamoto”, who called it a peer-to-peer, electronic cash system. It was then launched to the world in 2009 with the release of the first open source bitcoin client and the issuance of the first bitcoins began.
I say launched to the world, however – even now, over five years later a vast majority of the world has no idea what a bitcoin is, let alone how to use one. So, let me introduce or reintroduce you to – bitcoin.
bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.