Bitcoin is the initial implementation of a concept called cryptocurrency. This concept was first described back in 1998 by Wei Dai, suggesting the idea of a new form of currency that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin.
Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network of electronic cash which allows the payments to be made without any middlemen such as financial institutions instead it is powered by its users. Although other cryptocurrencies have come before, Bitcoin is the first decentralized cryptocurrency - Its reputation has spawned copies and evolution in the space.
With the largest variety of markets and the biggest value Bitcoin is here to stay. As with any new invention, there can be improvements or flaws in the initial model however the community and a team of dedicated developers are pushing to overcome any obstacle they come across. It is also the most traded cryptocurrency and one of the main entry points for all the other cryptocurrencies.
It is possible to send and receive bitcoins anywhere in the world at any time. No bank holidays. No borders. No bureaucracy. Bitcoin allows its users to be in full control of their money.
Security and control over your funds
Bitcoin transactions are secured by military grade cryptography. Nobody can charge you money or make a payment on your behalf. As long as you take the required steps to protect your wallet, Bitcoin provides control over your money and a strong level of protection against fraud.
Decentralized access allowing any party with internet access and the open-source software to send and receive Bitcoin irreversibly without any third party interference or trust. There are no banks to make you wait, no extra fees for international transfers, and no limitations on the minimum or maximum amount you need to send.
Choose your own fees
There is no fee when receiving bitcoins, and most wallets let you select the fee to pay when sending. Higher fees can encourage faster delivery of your transactions. Fees are unrelated to the amount transferred, so it's possible to send 10,000 bitcoins with the same fee it costs to send 1 bitcoin.
Transparent and neutral
All information concerning the Bitcoin money supply itself is readily available on the blockchain for everyone to verify and use in real-time. No individual or organization can control or manipulate the Bitcoin protocol because it is cryptographically secure. This allows the core of Bitcoin to be trusted for being completely neutral, transparent and predictable.
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