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Bitcoin is the first decentralized cryptocurrency. Based on a free-market ideology, bitcoin was invented in 2008 by Satoshi Nakamoto, an unknown entity (person or persons).
Bitcoin works through the collaboration of computers, each of which acts as a node in the peer-to-peer bitcoin network. Each node maintains an independent copy of a public distributed ledger of transactions, called a blockchain, without central oversight.
Transactions are validated through the use of cryptography, making it practically impossible for one person to spend another person's bitcoin, as long as the owner of the bitcoin keeps certain sensitive data secret.
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Consensus between nodes about the content of the blockchain is achieved using a computationally intensive process based on proof of work, called mining, which is typically performed by purpose-built computers called miners.
One bitcoin is divisible to eight decimal places. The satoshi[a] (sat), represents 1⁄100000000 (one hundred millionth) bitcoin, the smallest amount possible.
As a decentralized system, bitcoin operates without a central authority or single administrator, so that anyone can create a new bitcoin address and transact without needing any approval.
This is accomplished through a specialized distributed ledger called a blockchain that records bitcoin transactions.
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