What is Bitcoin?

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What is Bitcoin?
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With the Bitcoin price so volatile everyone is
curious. Bitcoin is extremely complicated and no
one definition fully encapsulates it. By analogy
it is like being able to send a gold coin via
email. It is a consensus network that enables a
new payment system and a completely digital money.
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It is the first decentralized peer-to-peer
payment network that is powered by its users with
no central authority or middlemen. Bitcoin was
the first practical implementation and is
currently the most prominent triple entry
bookkeeping system in existence.
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Who created Bitcoin? The first Bitcoin
specification and proof of concept was published
in 2009 by an unknown individual under the
pseudonym Satoshi Nakamoto who revealed little
about himself and left the project in late 2010.
The Bitcoin community has since grown
exponentially.
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Satoshi's anonymity often raises unjustified
concerns because of a misunderstanding of the
open-source nature of Bitcoin. Everyone has
access to all of the source code all of the time
and any developer can review or modify the
software code. As such, the identity of Bitcoin's
inventor is probably as relevant today as the
identity of the person who invented paper.
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Who controls the Bitcoin network? Nobody owns
the Bitcoin network much like no one owns the
technology behind email or the Internet. Bitcoin
transactions are verified by Bitcoin miners which
has an entire industry and Bitcoin cloud mining
options. While developers are improving the
software they cannot force a change in the
Bitcoin protocol because all users are free to
choose what software and version they use.
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In order to stay compatible with each other, all
users need to use software complying with the
same rules. Bitcoin can only work correctly with
a complete consensus among all users. Therefore,
all users and developers have a strong incentive
to protect this consensus.
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