Bitcoin
The first and largest cryptocurrency by market capitalization, created in 2009 by the pseudonymous Satoshi Nakamoto.
What is Bitcoin?
Bitcoin (BTC) is the original and largest cryptocurrency by market capitalization, created in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto. It operates on a decentralized blockchain secured by Proof of Work mining, where computers compete to solve mathematical puzzles to validate transactions and earn newly minted Bitcoin. Bitcoin's total supply is hard-capped at 21 million coins — enforced by its protocol — making it deflationary by design. New coins are issued through 'halving' events every ~4 years that cut the block reward in half. Bitcoin is widely used as a speculative asset and store-of-value proposition ('digital gold'), and is increasingly held by institutional investors and corporations. El Salvador and the Central African Republic have adopted it as legal tender.
Example
Bitcoin's fourth 'halving' occurred in April 2024, reducing the block reward from 6.25 to 3.125 BTC. Following the pattern of prior halvings (2012, 2016, 2020), the reduced supply growth combined with ongoing demand helped Bitcoin reach an all-time high above $100,000 in late 2024, illustrating the supply-demand dynamics built into Bitcoin's protocol.