Although it may seem like Bitcoin needs no introduction, there is more to this ‘progenitor of cryptocurrencies’ than initially meets the eye. The first functional blockchain and cryptocurrency, Bitcoin has become such a household name that for the uninitiated, the term ‘Bitcoin’ is synonymous with the blockchain industry itself. Perhaps this is no coincidence, as Bitcoin has established itself as the ‘gold standard’ of cryptocurrencies, influencing the entire blockchain space both in market capitalisation and price.
However, by now, almost a decade after it’s inception, some people might be excused for thinking Bitcoin is a living fossil, outdated and slow. But there’s improvements coming to Bitcoin which could see it competing with its younger cousins, and there’s still those out there who think Bitcoin is going to remain the ‘daddy’ of cryptocurrencies for a long time to come.
What is Bitcoin (BTC)?
Bitcoin was invented by the infamous Satoshi Nakamoto as open-source software in 2009. Satoshi Nakamoto is an anonymous figure, or a group of people, who first published the whitepaper for the concept of bitcoin on 31st October, 2008. Mystery surrounds the creator of bitcoin, and although many have stepped forward to claim the mantle of ‘bitcoin creator’, it’s still unknown exactly who wrote the original whitepaper.