In 2009, a pseudonymous developer named Satoshi Nakamoto introduced a new decentralized digital currency based on an open-source, peer-to-peer internet protocol. It was called Bitcoin.
Bitcoin does not operate like typical currencies. It has no central bank and it solely relies on an internet-based peer-to-peer (p2p) network. Being peer-to-peer, bitcoins can be exchanged by personal computer directly through a wallet file or a website without using an intermediate financial institution.
In trade, one bitcoin is subdivided into 100 million smaller units called satoshis, defined by eight decimal places.
The money supply is automated, limited, divided and scheduled, and given to servers or miners that verify bitcoin transactions and add them to an archived transaction log every 10 minutes.
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