Bitcoin, a type of cryptocurrency, is a digital currency that uses cryptography for security which makes it impossible to fake it has the same properties as currency, which is that it has a fluctuating exchange rate with certain currencies. Hearing Bitcoin, the Blockchain name behind it is also raised.
At first, a person or group of people using the pseudonym Satoshi Nakamoto introduced Bitcoin in 2008. Until now he/they has not been identified. Satoshi Nakamoto can only be contacted via email and social media. In a 2015 article, Wired suggested Nakamoto was the Australian genius, Craig Steven Wright. However, so far this assumption has not been proven.
To run Bitcoin, Satoshi Nakamoto created a database system which was later called Blockchain. Blockchain is an information recording system that is probably the most difficult to hack at the moment. Blockchain is basically a ledger of digital transactions that are duplicated and distributed across a network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and each time a new transaction occurs on the blockchain, a record of those transactions is added to each participant’s ledger. A decentralized database that is managed by multiple participants is known as Distributed Ledger Technology (DLT).
