Bitcoin, the first ever cryptocurrency, was designed to be a digital form of currency and a novel
mode of payment – free from the control of any one person, group, or entity. This decentralized financial structure eliminates the need for any third-party involvement. Introduced in 2009, Bitcoin
stands today as the world’s largest cryptocurrency by market capitalization.
Unlike traditional fiat currency, Bitcoin’s creation, distribution, trading, and storage use a
decentralized ledger system, the blockchain. This unique system is secured by the proof-of-work
(PoW) consensus model, also known as the mining process, which continually adds new bitcoins to
the ecosystem. Bitcoins can be further divided into smaller units called Satoshis, furthering their
utility and flexibility.