- Bitcoin is a decentralized digital asset & a payment system invented by Satoshi Nakamoto, a pseudonymous software developer(or a group of software developers going by that name) in 2009.
- It utilizes a peer to peer protocol wherein users can transact directly without any financial intermediary – bank or a credit card company.
- The system is open source, which essentially means that no individual entity – person, country or company owns it.
- All the transactions are verified by network nodes & recorded in a public distributed ledger.
- New Bitcoins are mined every hour and will continue to be mined at a progressively diminishing rate until a maximum of 21Mn is reached