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Poster Glossary 2 Bitcoin

This time we will discuss about one of the biggest digital assets that you certainly already know, namely Bitcoin or BTC. Bitcoin (BTC) is the first decentralized digital asset currency to operate on peer-to-peer technology. This digital asset, which was discovered by Satoshi Nakamoto in 2009, can be sent anywhere, anytime and anywhere with just a device and an internet connection.

Bitcoin uses a Blockchain database that is not controlled by any party, but is so open to the public that it is impossible to fake transactions on the Blockchain that are recorded live, transparently, and spread over millions of servers. Worldwide, the number of Bitcoins declared has reached 21 million Bitcoins and as of the time of this video, there are already around 17 million bitcoins in circulation.

The theory behind Bitcoin was first explained by Satoshi Nakamoto in the paper “Bitcoin: A Peer to Peer Electronic Money System” published to cryptographic sites on October 31, 2008. In this paper, Satoshi describes a protocol (Proof of work) that will solve the problem ” Double spending” which is embedded in the form of non-physical (digital) currency. The first block or better known as the “Genesis Block” was first mined by Satoshi on January 3, 2009, with the text “The Times 03 / Jan / 2009 Chancellor on the verge of second bailout for the bank” written into the block’s coinbase to act as a timestamp. and a rebuke to the economic instability caused by the widespread practice of fractional reserve banks.

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