Bitcoin is the first successful internet money, based on a peer-to-peer technology, in which no central bank or authority is involved in the transaction and production of the bitcoin currency. Bitcoin was developed by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is publicly available as an open-source project. Everyone can view the source code and be part of the development process.
Bitcoin changes the way we view money while we talk about it. It is a decentralized peer-to-peer internet currency, which makes mobile payments easier, among other things. Low transaction costs, protection of your identities it works everywhere, at any time of the day, without opening hours.
Because of the design, only 21 million Bitcoins can be produced, making it a deflationary currency in contrast to fiat currency. Bitcoin uses the SHA-256 hashing algorithm, with an average transaction time of 10 minutes. Miners produce Bitcoin by using ASIC processors, which have been specially developed for mining / producing Bitcoin. Currently, the hash rate has risen to peta hashes.As the first successful internet cryptographic currency, Bitcoin has inspired many others to develop alternative currencies such as Litecoin, Monero, Dash, Zcash, ….