Bitcoin Information Back to BTCSatoshi What is Bitcoin? Bitcoin is the first of its kind. Bitcoinity bitcoin wallet is a protocol, and a network. Bitcoin is based on an open source protocol created by “Satoshi Nakamoto”.
There are a lot of definitions surrounding it such as peer-to-peer, cryptocurrency, public key, decentralized, digital currency. The Bitcoin protocol was developed by Satoshi Nakamoto. This was created as an open-source protocol, meaning, anyone can submit work for review to be included in the protocol and no single person “owns” the protocol. As a protocol, any number of future possible applications can be built on top of it. It also means, that anyone can review the code of the protocol, change it themselves, and create their own work using this protocol as a basis – creating a new, entirely seperate, system. The active running protocol for the anything using the Bitcoin Protocol – is the version that is most widely used by all running mining nodes in the network. Bitcoin Protocol that is most widely used is maintained by the Bitcoin Core team.
The Bitcoin network itself is based upon the original Protocol. It is this network, which makes up the basis of Bitcoin. You can read the whitepaper of the network here: bitcoin. The first block – called the Genesis Block – was mined on January 3, 2009.