El Bitcoin (BTC) is the first cryptocurrency which was developed and also the first and only application based on blockchain technology that works 24/7 365 days a year since 2009.
Bitcoin is a software, a protocol and a currency.
These three characteristics allow one of the applications of Bitcoin to be that of forming a global, transparent, open source, and single currency based payment network.
The currency was devised as a decentralized economic system open to all, which proposed to its users a monetary and exchange system of value better than the current fiat money system. The value of this currency depends on the trust of users and is not controlled or regulated by any bank, which is why its value is so volatile. One of the great peculiarities of Bitcoin is that its creator is unknown.
On October 31, 2008 appears a peer-2-peer (user-to-user) money proposal that was based on crypto and in something called blockchain.
Another great peculiarity of Bitcoin is that for the first time in history there is a form of money that is created, distributed and guarded by a computer network that anyone can join and among all of them they currently constitute the computer with the most computing power on the planet.
The pace of bitcoin coin creation is constant and well known due to the open nature of your software code. Thanks to the knowledge of these data, it can be estimated that in 2140 the last existing Bitcoin would be mined, that the difficulty for the creation of bitcoins will increase in the same way that the reward for the creation of bitcoins will go decreasing every 210.000 mined blocks.
According to Bitcoin whitepaper, each block of this cryptocurrency is created every ten minutes and contains all the transactions made during that period of time. Because it is the first cryptocurrency developed on the market, it is the one used as a reference value.
All cryptocurrencies in the market have a change to bitcoin, since it is the first cryptocurrency developed with proven utility and has established itself as the reference token. In turn, bitcoin can be changed to any currency in current use, although the dollar is normally used, as a reference, followed by the euro.
The basis of bitcoin is direct exchange between users. The validation of the transactions they carry out is carried out by mining this cryptocurrency using an algorithm called Proof-of-Work (PoW).
There are many stores, both physical and digital, that support payment via BTC, as it has been established as the main currency for payments. The first known payment for a good or service in history It was done on May 22, 2010, when a programmer paid for two pizzas a total of 10.000 BTC, which at the time was about $ 80, but today would be equivalent to about $ 80 million.
For all this, it is obvious that Bitcoin has awakened all kinds of feelings between financial elites and banking, which did not look favorably on bitcoin and the rest of cryptocurrencies, since it would take away some of the power they have and break the monopoly of creating money.
Currently, states and government economic organizations have deep debates on the development of a regulatory framework that allows the use of cryptocurrencies and their efficient control.