Bitcoin was the first widely adopted cryptocurrency, created by Satoshi Nakamoto in 2009. Nakamoto’s whitepaper famously addressed the “double payment problem”. Nakamoto’s solution to this problem allowed bitcoin to enable peer-to-peer transactions without the need for an intermediary institution. This opened up a new frontier in “digital money”.
Every bitcoin transaction is recorded and verified on a public, digital record. There are thousands of people using their computers to simultaneously keep identical records of these transactions. The purpose of so many records is to reduce the risk of any single person or group manipulating and falsifying the data. In other words, public records provide transparency, security and ensures bitcoin transactions are permanent.
Today, Bitcoin is widely recognized as the most famous and best known cryptocurrency.