Bitcoin (BTC)

Bitcoin is a well-known digital payment system as well as an international cryptocurrency. The system operates independently with no single administrator nor central repository. It has since been recognized as one of the decentralized digital currency pioneers. It was released in 2009 but as open-source software. The genius(es) behind this worldwide phenomenon go(es) by the alias ‘Satoshi Nakamoto.’ It hasn’t been made known yet whether this is a single individual or a group of skilled programmers.
Like most digital payment systems, this digital currency operates under the P2P (peer-to-peer) system. There is no intermediary whatsoever involved in individual-individual transactions. Network nodes have to verify each of these transactions, which are then recorded in a blockchain (a publicly distributed ledger). The good thing about it is that it can be traded for a variety of stuff. They could either be products, services or even other currencies. It could also be used as an investment.

What is Bitcoin

The Bitcoin system was published by Satoshi Nakamoto on the 31st of October 2008. It was published in a research paper dubbed ‘Bitcoin: A Peer-to-Peer Electronic Cash System.’ It was then released as an open source code in January 2009. Strangely enough, the inventor’s identity of this innovative currency has never been known. Some, however, claim to be aware of it.
Before disappearing from Bitcoin, Satoshi left Gavin Andresen to fill his/their shoes. Andresen, a professional developer, went on to become Bitcoin Foundation’s lead developer. Later on, there was a reported vulnerability in the bitcoin transactions. It became exploited on 15th August, leading to the generation of 184 billion and over bitcoins in a single transaction. This version was later on updated, and the bug was fixed.
Recent research has revealed that approximately 5 million cryptocurrency users use this digital asset. However, as from 1st of August, 2017, Bitcoin announced a major division into two digital derivative currencies, the BCH (the Bitcoin Cash) and the BTC (the classic bitcoin).

Technology of Bitcoin

This technology has been known to offer solutions to various challenges. It also serves as a cryptographically distributed ledger that enables swift verification and tracking of payments. This does not require any centralized authority whatsoever. The maintenance of this ledger is automatically done by computers. They can generate more bitcoins through complex computations. A similar approach of the distributed cryptographic could as well be used for the verification of various transactions.
Bitcoin has, however, experienced a few challenges with blockchain systems. The primary challenge majorly revolves around the security-related questions and complex technical features. In a bid to solve these issues, Hperledger has offered a helping hand. The involved community will be assisted regarding technology development as well as technical leadership and guidance. In recent years, the Bitcoin community has experienced cases of infighting. This may be due to its decentralized nature that threatens to undermine the ever-rising bitcoin price.