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Bitcoin Explained (quick)cryptocurrency

Bitcoin Explained (quick)

By roronoa zoroPublished 2 months ago 4 min read


Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent electronically from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.

Bitcoin was first proposed in 2008 by an individual or group of individuals using the pseudonym "Satoshi Nakamoto" in a whitepaper titled "Bitcoin: A Peer-to-Peer Electronic Cash System." The identity of the person or people behind this pseudonym remains unknown. The first bitcoin software was released in 2009 and the first bitcoins were issued as a reward for the successful processing of transactions in a process known as "mining."

In the early days of bitcoin, the currency was mostly used by tech enthusiasts and libertarians, and it had a relatively small user base and a relatively low value. However, as more people became aware of bitcoin and began using it, the value of the currency began to rise. In 2010, the price of a single bitcoin was less than one cent, but by 2013 it had risen to over $100.

Over the years, bitcoin has been the subject of much speculation and has been associated with a number of controversies. Some people have criticized it for its association with illegal activities and speculative bubbles, while others have praised it for its potential to disrupt traditional financial systems and to provide financial services to people who are underserved by the traditional banking system.

Despite the controversies, bitcoin has continued to grow in popularity and its value has remained relatively stable over the years. Today, it is considered as one of the most well-known and valuable cryptocurrency. In addition, the technology behind Bitcoin, blockchain, has found various use cases in various industries, and it's being researched and implemented by many companies and organizations.


Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (dapps). It was first proposed in 2013 by Vitalik Buterin, a programmer and co-founder of Bitcoin Magazine.

In 2014, the Ethereum Foundation, a non-profit organization, was created to support the development of the Ethereum platform. The organization held a crowdsale in July and August of that year, raising over 18 million dollars in ether (the native cryptocurrency of the Ethereum platform) to fund the project's development.

The Ethereum platform officially launched on July 30, 2015, with the release of its "frontier" version. This release introduced a new programming language, called Solidity, which is used to write smart contracts on the Ethereum platform.

In 2016, a major hack occurred on the Ethereum platform, known as the DAO (Decentralized Autonomous Organization) hack. This hack resulted in the theft of 3.6 million ether (worth around $50 million at the time) from a smart contract that had been built on the Ethereum platform. In response to the hack, the Ethereum community hard forked the blockchain, creating two separate versions of the Ethereum blockchain: Ethereum (ETH) and Ethereum Classic (ETC).

Since its launch, Ethereum has grown to become the second-largest cryptocurrency by market capitalization, behind Bitcoin. It has also become a popular platform for building decentralized applications and has been used for a wide variety of projects, including gaming, finance, and social media.

As of 2021 Ethereum have many updates like Ethereum 2.0, which is a major upgrade to the Ethereum network that aims to increase its scalability, security, and sustainability.


Cryptocurrency is a digital or virtual currency that uses cryptography for security. It is decentralized, meaning it is not controlled by a central authority like a government or financial institution. The first decentralized cryptocurrency, Bitcoin, was created in 2009 by an individual or group of individuals using the pseudonym Satoshi Nakamoto.

Bitcoin is based on a technology called blockchain, which is a decentralized, digital ledger that records all transactions on a network. Each block in the chain contains a record of multiple transactions, and once a block is added to the chain, the transactions it contains are considered to be confirmed and irreversible. This decentralized nature of the blockchain allows for trustless transactions between parties, as there is no need for a central intermediary to verify transactions.

After the release of Bitcoin, many other cryptocurrencies began to emerge, often referred to as "altcoins." Some of these, like Ethereum, Litecoin, and Ripple, have their own blockchain and consensus mechanism, while others, like Bitcoin Cash and Bitcoin SV, are forks of the Bitcoin blockchain.

The use of cryptocurrency has grown exponentially since its creation, and it is now widely used as a form of payment, investment, and speculative instrument. Due to its decentralized nature and the lack of regulation in many jurisdictions, cryptocurrency has been associated with illegal activities such as money laundering and tax evasion.

In recent years, government and financial institutions have begun to take notice of the growing use of cryptocurrency, and many have started to develop regulations and guidelines for its use. Despite this, the use of cryptocurrency is still not widely accepted and its future is uncertain.

Nowadays, there are thousands of different cryptocurrencies available, with different features, goals, and use cases. Some of the most popular include Bitcoin, Ethereum, Ripple, Litecoin, and Tether.

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roronoa zoro

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