Bitcoin (BTC) is the beginning of digital currency invented by an unknown individual or group of hackers named as Satoshi Nakamoto.The Early stage development started in 2008, during the financial crisis of 2008, with the landmark paper titled “Bitcoin: A Peer-to-Peer Electronic Money System” and released on October 31, 2008. The primary use of Bitcoin is in the space of P2P financial transactions, though some supporters envision it more as a store of value.
The Digital Gold
BTC is Often called “The Digital Gold” for its financial properties which are very similar to that of gold, the continuing popularity and market flexibility of Bitcoin has encouraged the growth of other cryptocurrencies, and as a result it has come to be known as the “mother” or “father” of all cryptocurrencies.
Initially limited to all but the most ardent technology enthusiasts, it was Bitcoin that convince the masses that a P2P financial system free from middlemen and the centralized system was in fact possible, a characteristic made possible through its Proof-of-Work consensus algorithm which incentivized good behavior.
Since Bitcoin’s establishment in early 2009, Bitcoin has been through a number of changes and incidents, yet continues to thrive as the most popular token in the cryptocurrency world. This includes the famous Mt. Gox incident and several such cycles of price spikes and drops.
The enduring nature of Bitcoin is a quality that is highly cherished by its proponents. Bitcoin has inspired the creation of alot of other cryptocurrencies, including similarly envisioned token Litecoin (LTC), which is often said to be the Silver and Bitcoin is the gold. Because of the established nature and popularity of Bitcoin, it is often the base pair with which other cryptocurrencies are traded.