# bitcoin (BTC) 1. Bitcoin is the first [[Decentralized|decentralized]], [[Open Source|open-source]] cryptocurrency that runs on a global [[Peer-to-Peer (P2P)]] network, without the need for middlemen and a centralized issuer. 3. With a lowercase ‘b’ refers to the currency – the [[Crypto (cryptocurrency)|cryptocurrency]] we send and receive, via the Bitcoin network. 5. Bitcoin is the first widely-recognized [[Crypto (cryptocurrency)|cryptocurrency]] and has been the pioneer of the [[Blockchain]] industry as a whole. 7. The first, and most popular, [[Crypto (cryptocurrency)|cryptocurrency]] based on the [[Decentralized|decentralized]] [[Ledger|ledger]] of a [[Blockchain|blockchain]]. 8. “bitcoin” is written in the lower case when referring to a quantity of the currency or the units themselves. The plural form can be both bitcoin or bitcoins. BTC is also a common abbreviation for the currency. 11. Bitcoin is a digital currency (also called [[Crypto (cryptocurrency)|crypto-currency]]) that is not backed by any country's central bank or government. Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment. Bitcoin-to-Bitcoin transactions are made by digitally exchanging anonymous, heavily encrypted hash codes across a [[Peer-to-Peer (P2P)]] network. The P2P network monitors and verifies the transfer of Bitcoins between users. Each user's Bitcoins are stored in a program called a digital [[Wallet|wallet]], which also holds each [[Address|address]] the user sends and receives Bitcoins from, as well as a [[Private Key|private key]] known only to the user. The Bitcoin network is designed to mathematically generate no more than 21 million Bitcoins and the network is set up to regulate itself to deal with inflation. Bitcoins can be spent by initiating a transfer request from a Bitcoin address in the customer's wallet to a Bitcoin address in the vendor's wallet. 7. The first [[cryptocurrency]] based on the [[Proof of Work (PoW)]] [[blockchain]]. Bitcoin was created in 2009 by [[Satoshi Nakamoto]] — a pseudonym for an individual whose real identity is unknown — and the concept of [[Crypto (cryptocurrency)|cryptocurrency ]] was outlined in a white paper titled “Bitcoin: A [[Peer-to-Peer (P2P)|Peer-to-Peer ]] Electronic Cash System.”