Bitcoin (BTC) is a decentralised digital currency: money that exists only online, is not issued by any government or bank, and can be sent directly between people anywhere in the world. It runs on a public ledger called the blockchain, maintained by a global network of computers.
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How Bitcoin began
Bitcoin was introduced in a white paper published in 2008 under the name Satoshi Nakamoto, whose identity has never been confirmed. The network went live in January 2009, when the first block of transactions, known as the genesis block, was created.
How it works
Transactions are grouped into blocks and added to the blockchain by miners, computers that compete to solve a cryptographic puzzle, a process called proof of work. The first miner to solve it adds the block and receives newly created bitcoin plus transaction fees. Because thousands of independent computers hold copies of the ledger, no single party can alter past transactions without redoing the work behind them.
Bitcoin is held in wallets, software or hardware tools that store the private keys needed to spend it. Anyone who controls the private keys controls the coins, which is why keeping keys safe is essential.
Why 21 million matters
Bitcoin’s supply is capped at 21 million coins. New coins are created at a slowing rate: the reward paid to miners halves roughly every four years, an event called the halving. The most recent halving, in April 2024, cut the block reward to 3.125 BTC. Around 20.1 million bitcoin have already been created.
What Bitcoin is used for
Bitcoin is used as a store of value, often described as digital gold, as a way to send money across borders without banks, and as a payment method by a growing number of merchants. The Lightning Network, a layer built on top of Bitcoin, makes small, fast payments practical.
Risks
Bitcoin’s price is volatile and can fall sharply. Transactions are irreversible, lost private keys mean lost coins, and regulation differs by country. It is also an energy-intensive network, which remains a subject of public debate.
Frequently asked questions
Who controls Bitcoin? No one. It is maintained by its open-source software and the network of users, miners and node operators who run it.
Can Bitcoin be copied or counterfeited? No. The blockchain records every coin’s history, and the network rejects any attempt to spend the same coin twice.
Is Bitcoin legal? It is legal to own and trade in most countries. Rules differ by jurisdiction, so check the regulations where you live.
This page is for information only and is not financial advice. See our Disclaimer.