Bitcoin is a payment system that is based on P2P technology and uses the payment unit of the same name “bitcoin”. The operating principle is based on a communication protocol. The bitcoin concept was first described in a white paper published on October 31, 2008. By Satoshi Nakamoto.
Currently, bitcoin is the most famous cryptocurrency, the key feature of which is complete decentralization. Bitcoin operates without the involvement of regulators or a central bank, with coin issuance and transaction processing performed by participants in the network. This ensures that no one can block or cancel a particular transaction. At the same time, anyone can join the network.
- Anonymity. Bitcoin does not require the user to authenticate using passport data. You can have as many addresses as you want, and the ability to make transactions depends only on the funds in the account. Anyone can only find out the status of another user’s account, but no personal data. Except for the transaction history and wallet address.
- Stability. It is barely possible to change any block in the blockchain, making it impossible to undo a transaction or swap it for another.
Data from CoinMarketCap as of April 2021 indicates that the capitalization of the entire global cryptocurrency market has reached $2 trillion. That said, bitcoin accounts for 55% of the total — its capitalization is 1.1 trillion USD (spring 2021).