#bitcoin #cryptocurrency Bitcoin is a digital currency that was created in 2009 by an anonymous person or group of people using the pseudonym [[Satoshi Nakamoto]]. It was the first cryptocurrency to use a decentralized system, known as blockchain, which allows for secure and transparent transactions without the need for intermediaries like banks. In terms of its history, Bitcoin's roots can be traced back to a whitepaper published by Nakamoto titled "[[@nakamotoBitcoinPeertoPeerElectronic2008|Bitcoin: A Peer-to-Peer Electronic Cash System]]." This document outlined the concept of a decentralized digital currency that would enable direct peer-to-peer transactions without the need for a central authority. Bitcoin gained traction slowly initially, with early adopters mining and trading the currency. However, it wasn't until around 2017 that Bitcoin's popularity skyrocketed, leading to a massive surge in its price and public interest. This surge also brought attention to other cryptocurrencies and sparked the development of blockchain technology beyond just financial applications. From a social impact perspective, Bitcoin has both positive and negative implications. On one hand, it has provided individuals in countries with unstable economies or limited access to traditional banking systems with an alternative means of transacting value. Bitcoin has also been seen as a potential tool for financial inclusion, enabling people without bank accounts to participate in the global economy. However, Bitcoin's decentralized nature has also made it attractive to criminals involved in illegal activities such as money laundering or purchasing illicit goods/services on dark web marketplaces. Additionally, Bitcoin's extreme price volatility has led to concerns about speculative bubbles and potential risks for investors. In terms of technological accomplishments, Bitcoin introduced several groundbreaking concepts. The most notable is blockchain technology, which is essentially a distributed ledger that records all transactions across multiple computers or nodes. This decentralized ledger ensures transparency, security, and immutability of transactions. Furthermore, Bitcoin introduced the concept of mining - a process where powerful computers compete to solve complex mathematical problems in order to validate transactions and add them to the blockchain. Miners are rewarded with newly minted Bitcoins for their efforts, thereby creating a decentralized system for issuing new currency. Bitcoin's technology has paved the way for the development of thousands of other cryptocurrencies and has inspired various applications beyond finance, such as smart contracts and decentralized applications ([[DApps]]). It has also sparked interest in central banks exploring the potential for issuing their own digital currencies. Overall, Bitcoin's history, social impact, and technological accomplishments have made it a prominent player in the world of cryptocurrencies, influencing not just financial systems but also broader technological innovation. # Compare Bitcoin with Ethereum ![[Compare Bitcoin with Ethereum]] ## A relevant token BRC-20 Starting 2023, Bitcoin community created a token called [[BRC-20]], created using the [[Ordinals]] protocol. # Conclusion ## References [[@nakamotoBitcoinPeertoPeerElectronic2008]]