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What is a Bitcoin?
Bitcoin (BTC/XBT) is a cryptocurrency and payment network on blockchain. It is the first decentralized currency thought as Internet money publicly revealed in October 2009. Bitcoin uninterruptedly works as transfer of value from one peer to another with a record of the transaction being publicly recorded onto a ledger known as the blockchain.The smallest unit of bitcoin is named after its creator Satoshi (Nakamoto). 1 satoshi (1sat) equals 0.00000001BTC.
It has a fixed market supply of 21M where coins are created by mining them. Mining bitcoin is a process where miners are solving computational problems and for successfully resolving are awarded newly minted bitcoins through SHA-256 Proof-of-Work (PoW) algorithm and transaction fees that are included in newly founded block.