Bitcoin is a decentralized cryptocurrency, it has no central authority or a single administrator and it can be sent from user to user on the peer to peer bitcoin network that follows the Bitcoin protocol.
Bitcoin is also an open source project therefore anyone can view it’s code, use it, copy it, suggest improvements to it etc. For all the above reasons, Bitcoin is using a technology called Blockchain. Learn more.
As easy as it sounds blockchain is a chain of blocks. Each block can contain data of any kind and it’s connected with the previous block up to the first block (genesis block) through a cryptographic mathematical procedure that maintains the network safe.
It is hard or nearly impossible to hack a well protected blockchain network. That is because the entity that decides to hack a well protected blockchain network requires huge amounts of energy, time and money making the undertaking unprofitable. Learn more.
Cryptocurrencies essentially are blockchains with different set of rules or even usage. At the moment most of them are being used to transfer value or create secure contracts.
The first cryptocurrency is Bitcoin. It’s whitepaper was released on October 31 of 2008 by an unknown author who goes by the name Satoshi Nakamoto.
In January 2009, the genesis block was mined by Satoshi himself giving birth to Bitcoin’s blockchain. Today we have over 2000 cryptocurrencies and anyone can trade them for goods or services on the internet. Learn more.