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Since there is no central figure like a bank to verify the transactions and maintain the ledger, a copy of the ledger is distributed across Bitcoin nodes. Finally when the transaction successfully takes place, the Bank will deduct Alice’s account and credit Bob’s account with the latest amount.īitcoin conversely works in a decentralized manner. As the bank maintains the ledger, they will do the verification as to whether Alice has enough funds to send to Bob. In a centralized system like the ones operated by a commercial bank, given a situation where Alice wants to transact with Bob, the bank is the only entity that holds the ledger that describes how much balance Alice and Bob has. Under the hood, it is actually a distributed accounting ledger that is stored in a form of a chain of blocks, hence the name blockchain. While the general public perceives Bitcoin as some kind of physical looking coin, it is actually far from that. It was launched in January 2009 with the first genesis block mined on 9th January 2009. Until today, the true identity of Satoshi Nakamoto has not been verified though there has been speculation and rumor as to who Satoshi might be. The creator is an unknown individual or group that goes by the name Satoshi Nakamoto with the idea of an electronic peer-to-peer cash system as it is written in a whitepaper.
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The decentralized nature allows it to operate on a peer-to-peer network whereby users are able to send funds to each other without going through intermediaries.įor more information on Bitcoin, do read CoinGecko's How to Bitcoin book. It is unlike government-issued or fiat currencies such as US Dollars or Euro in which they are controlled by the country’s central bank. As such, it can operate without the need of a central authority like a central bank or a company.
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It is a decentralized digital currency that is based on cryptography.