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Bitcoin (BTC/XBT) is a cryptocurrency and payment network based on blockchain technology. It was the first decentralized currency, and this “internet money” was publicly revealed in October 2009. Bitcoin works uninterrupted as a transfer of value from one peer to another with a record of the transactions publicly recorded on a ledger known as the blockchain.
The smallest unit of Bitcoin is named after its creator, Satoshi Nakamoto. 1 satoshi (1 sat) equals 0.00000001 BTC.
BTC has a fixed market supply of 21 million coins, which are created by mining. Mining Bitcoin is a process where miners solve computational problems, and each solution creates a new block. The miners are awarded newly minted bitcoins through the SHA-256 Proof-of-Work (PoW) algorithm for each successful solution, as well as the transaction fees included in newly founded blocks.
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