What is Bitcoin?
Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. It was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto.
How Bitcoin Works
Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining, which can be exchanged for other currencies, products, and services.
The Application of Bitcoin
Bitcoin has various usages. It can be used to book hotels on Expedia, shop for furniture on Overstock, buy Xbox games, and much more. Many small businesses accept Bitcoin because they like the advantages of it, but large corporations are also jumping on board.
Bitcoin Development Team
The development of Bitcoin is orchestrated by a team of passionate collaborators, led predominantly by Wladimir J. van der Laan, who oversee the coding, maintenance, and evolution of Bitcoin's source code.
Bitcoin Pricing Trend; 2020 through 2021
Bitcoin's price experienced a rollercoaster ride from 2020 to 2021. The cryptocurrency kick-started 2020 priced at around $7,200. It closed the year on a high note, reaching about $29,000. In 2021, Bitcoin price spiked to nearly $65,000 in April, marking its all-time high, but it experienced a sharp fall afterward.
