Bitcoin is a digitized currency that was published and developed in 2008 by a person or group of people using the name Satoshi Nakamoto. The Bitcoin network became operational in 2009. Bitcoin is controlled by a software algorithm, not by a person, group, company, or central authority. The value unit of Bitcoin is called BTC on the network.
The first purchase with Bitcoin took place on May 22, 2010. The smallest unit of bitcoin is described as “satoshi” and calculated at 100 million satoshi 1 BTC (1 satoshi=0.00000001 Bitcoin).
The value of bitcoin is determined by the direction of supply and demand in the markets in which it is included. On the system, users can join the network according to their own budget. Direct transfers can be made between users.
What is the blockchain?
Blockchain is an encrypted, continuously existing distributed database, which was introduced in the 2008 article ”Bitcoin: Peer-to-Peer Electronic Cash System” and does not have any centralized system. All data requested to be saved in the database is firstly verified. It is added to the data center. A peer-to-peer distributed system is used to validate each transaction. These added data cannot be deleted in the database and changed by other people. Each new process is added to the blockchain. This ensures the development of the chain.