Bitcoin: The Revolutionary Currency

Abstract

In 2009, an innovative form of digital currency premiered in the marketplace — Bitcoin. Bitcoin is a peer-to-peer payment network developed by Satoki Nakamoto (Nakamoto). Nakamoto created Bitcoin to be the ultimate digital currency, meaning no governmental oversight, central database, or tracking system. Bitcoin, a so-called “cryptocurrency,” is a digital currency with encrypted messages that are not accessible to third parties. Bitcoin is leading the cryptocurrency market with pioneering technology concepts such as limited distribution and secure information system.