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Bitcoin

  • Abbreviation: BTC
  • First release: January 9, 2009
  • Protocol: Proof-of-work
  • The minimum part: 0.000 000 01 BTC = 1 satoshi
  • Total maximum quantity: 21,000,000

In the autumn of 2008, a person or a group of enthusiasts, under the pseudonym Satoshi Nakamoto, published an article “Bitcoin: A Peer-to-Peer Electronic Cash System”, in which Bitcoin was described — a system of digital decentralized cash that does not require trust to third parties.

   In early 2009, the first version of the wallet was launched and the Bitcoin network was launched.

   The main and revolutionary difference of the new payment system is decentralization. To conduct a transaction between participants, no banks are needed: a person sends an unusual currency from his wallet (a special program installed on a computer) immediately to the address of the wallet of another network member. In order for the payment network to function, it is necessary to perform mining. Simply put, this is a complex computational process in which the miner (the one who performs the calculations) packs the transaction into blocks and gets a reward for it: a certain amount of Bitcoin. Over time, the computational complexity usually increases. At the moment, mining Bitcoin is a very resource-intensive process.

   Bitcoin appeared in a world where people used only fiat currencies and tools to work with them. There were no other means of electronic payment. Simply put, states created currency, and companies created stocks. This was the whole set of tools that allows a person to carry out financial transactions. And even to realize that it was possible to use an electronic code for the calculations, which was not approved by the state or by some corporation and was realized by someone completely unknown by whom, it was difficult. Fortunately, Bitcoin did not remain the lot of a handful of enthusiasts. More people connected to the use of the new currency, at some point other cryptocurrencies began to appear.

   At the moment, Bitcoin is the most expensive cryptocurrency. It is easy to use and widely known even to the distant to the world cryptocurrency to the inhabitants. Surprisingly, to start using it, you don’t even need any funds other than a computer, Internet access and some time. Bitcoin and some of its wallets are open source and are developed by enthusiasts.

   On the official website, you can download Bitcoin Core — the main and most popular wallet Bitcoin. Because it is one of system nodes, it takes up a lot of space: about 200 GB, and after the first start it synchronizes for quite a long time (this can take even several weeks, depending on the speed of your PC).

Official resources

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Download page Bitcoin Core wallet (link opens in a new window)

There are many types of different wallets that differ depending on the devices on which they are installed, the places they occupy and the degrees of security they provide. You can get acquainted with and choose a suitable wallet here:

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Wallet selection page (link opens in a new window)

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