Bitcoin (BTC) is a peer-to-peer digital currency designed to operate as a means of exchange independent of any central authority. BTC can be transferred electronically in a secure, verifiable, and tamper-proof manner.

BTC was launched in 2009, as the first virtual currency to solve the double-spending problem by timestamping transactions before broadcasting them to all nodes on the Bitcoin network. The Bitcoin protocol provided a solution to the Byzantine Generals’ Problem through the structure of the blockchain network—an idea first introduced by Stuart Haber and W. Scott Stornetta in 1991.

The Bitcoin technical paper was published in 2008 by an individual or group under the pseudonym “Satoshi Nakamoto,” whose identity has not been verified to this day.

The Bitcoin protocol uses a SHA-256d-based Proof of Work (PoW) algorithm to reach network consensus. The target block creation time is 10 minutes, and the maximum supply is 21 million tokens, with a decreasing token issuance rate. To prevent fluctuations in block creation time, the network’s block difficulty is adjusted using an algorithm based on the previous 2016 block creation times.
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