Bitcoin is a decentralized cryptocurrency that was designed by Satoshi Nakamoto as a peer to peer online money system. Since bitcoin began trading on exchanges in 2010, it has become popular as a store of value or 'digital gold'. Bitcoin also has the potential as a global value and information transfer protocol, onto which many decentralized applications can be built, run and used.
What does decentralized mean?
Decentralized means that no centralized entity or organization controls bitcoin. Anyone can create, use and store bitcoin, unlike mainstream fiat currencies that are controlled and issued by governments' central banks.
What is a cryptocurrency?
Updates to bitcoin's global ledger, the blockchain, which records bitcoin transactions are secured through a cryptographic consensus mechanism known as proof of work or 'mining' - hence the term cryptocurrency.
Who is Satoshi Nakamoto?
Satoshi Nakamoto is an anonymous individual or organization behind the early development of the bitcoin protocol.