What Is Bitcoin (BTC)?

#Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.

#Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. #Bitcoin was created, according to Nakamoto's own words, to allow "online payments to be sent directly from one party to another without going through a financial institution."

Some concepts for a similar type of a decentralized electronic currency precede #BTC, but #Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.