Blockchain Services

A decentralized cryptocurrency that relies on peer-to-peer technology and blockchain to facilitate and record transactions. Introduced by Satoshi Nakamoto, its first block was mined on January 3, 2009. The blockchain, a public and distributed ledger, allows anyone to verify Bitcoin transactions. These transactions are validated by miners who are rewarded with newly created Bitcoin and transaction fees. Bitcoin has a fixed supply capped at 21 million coins and can be divided into units as small as eight decimal places. Bitcoin is also the first decentralized cryptocurrency, a digital asset that employs public-key cryptography to record, sign, and transmit transactions over blockchain, all without the need for a centralised authority.

Bitcoin and other cryptocurrencies can be compared to email in the financial world. They exist solely in digital form and allow direct transactions between the sender and receiver, bypassing banks. These transactions are recorded on a transparent, immutable, decentralized ledger called the blockchain, which anyone can download and help maintain.

The creator of Bitcoin, known by the pseudonym "Satoshi Nakamoto," introduced this groundbreaking digital currency in a 2008 whitepaper titled "Bitcoin: A Peer-to-Peer Electronic Cash System." Satoshi designed Bitcoin as a decentralized, peer-to-peer network that could facilitate financial transactions without the need for a central authority such as a government or bank. In doing so, Satoshi addressed the critical double-spending problem by implementing a proof-of-work consensus mechanism within the blockchain framework. Bitcoin's network went live in January 2009 when Satoshi mined the first block, also known as the "genesis block." Despite Bitcoin's revolutionary impact, the true identity of Satoshi Nakamoto remains unknown, embodying the privacy-focused principles that are central to the cryptocurrency movement.