First Decentralized Cryptocurrency
Not only Bitcoin is the first decentralized cryptocurrency in the world but it also became the foundation for all other modern projects of this type. It was launched on January, 3rd 2009, providing all interested parties with its open source code. Every new cryptocurrency that was generated from its code is called a Bitcoin fork, while all non-Bitcoin blockchain currencies are known as Altcoins (alternative coins).
Some of Bitcoin Technical Details
Bitcoins are rewarded for the use of computer processing power – a process called mining. They could be bought, exchanged for other cryptocurrencies or fiat money (currencies like USD, etc.), paid with for products and services. Bitcoin’s ticker symbol is BTC or XBT. One coin can be divided into 100,000,000 Satoshis, the minimum unit was named after Bitcoin’s creator Satoshi Nakamoto – an unknown person or group of people who produced the initial source code. Altogether there can be only 21 million BTC mined.
Pros & Cons of Bitcoin
The obvious pros of Bitcoin comparing to altcoins are that it is the most popular and most recognized cryptocurrency; therefore it is more accepted than any other altcoin. There are also some very well-known issues like the slow transaction processing time and quite big commission, which make Bitcoin more of an investment tool rather than day to day payment tool.