Bitcoin is a cryptocurrency, a form of electronic cash. It 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.
Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
The identity of Nakamoto remains unknown. In October 2008, Nakamoto published a paper on the cryptography mailing list at metzdowd.
com describing the Bitcoin protocol. On 15 August 2008, Nakamoto implemented the first block of the chain, known as the genesis block. Embedded in the coinbase of this block was the text:.
The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.
Nakamoto claimed that work on the writing of the code began in 2007. Satoshi Nakamoto’s involvement with bitcoin does not appear to extend past mid-2010. In April 2011, Nakamoto communicated with Gavin Andresen, core developer of the bitcoin project, and Andresen later became lead developer at the Bitcoin Foundation.
Nakamoto’s involvement with bitcoin ended abruptly sometime in 2010 and he has not been heard from since then with regard to bitcoin. His true identity has never been established with certainty; however numerous individuals have claimed, or have been claimed, to be him by themselves or others.
So who is the real founder of Bitcoin? The answer remains a mystery.