Bitcoin (BTC) is a peer-to-peer cryptocurrency designed to serve as a means of transaction independent of any central authority. BTC can securely, verifiably, and immutably facilitate electronic cash transfers.
BTC was launched in 2009 as the "first virtual digital currency to solve the double-spending problem" by timestamping transactions before broadcasting the transaction information to all nodes in the Bitcoin network. The Bitcoin protocol provides a solution to the Byzantine fault tolerance problem through its blockchain network structure, a concept originally created by Stuart Haber and W. Scott Stornetta in 1991.
The Bitcoin white paper was published in 2008 by an individual or group using the pseudonym "Satoshi Nakamoto," whose true identity has not been verified.
The Bitcoin protocol uses a SHA-256d-based proof-of-work (PoW) algorithm to achieve network consensus. Its network aims for a block time of 10 minutes, with a maximum supply of 21 million tokens, and the rate of token generation decreases over time. To prevent fluctuations in congestion times, the network's block difficulty is readjusted based on an algorithm that considers the congestion times of the past 2016 blocks.
The block size limit is 1 megabyte, and the Bitcoin protocol supports a multi-layer infrastructure for Lightning Network payment channels, as well as Segregated Witness, which is a soft fork that increases functionality as a solution for network scalability. $BTC
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