What is Bitcoin (BTC)?
Bitcoin is the world's first decentralized cryptocurrency built on blockchain technology. Bitcoin was launched in January 2009 by a pseudonymous person or organization called Satoshi Nakamoto. BTC is the name and ticker of the Bitcoin blockchain network.
The Bitcoin network allows users to directly transact value without going through any intermediary like banks or other financial institutions. Bitcoin transactions are validated by nodes (computers) called miners. To validate Bitcoin transactions, miners generate a cryptographic proof of work by solving the mathematical problem set by the Bitcoin protocol.
BTC has an algorithmically hard-capped supply of 21 million units making it a deflationary asset. Out of 21 million Bitcoins over 18.9 million are in circulation. Miner nodes are rewarded with Bitcoins to verify Bitcoin transactions. This is how new Bitcoins enter into circulation. The Bitcoin miner rewards are decreased by half every four years and this reduces the rate of Bitcoin inflation.
Bitcoin's fixed supply, decentralization, and security has made it the most popular cryptocurrency in the world. Bitcoin remains the world's largest cryptocurrency by market capitalization even after a decade after its launch.