It has since become the most well-known cryptocurrency in the world. Its popularity has inspired the development of many other cryptocurrencies. These competitors either attempt to replace it as a payment system or are used as utility or security tokens in other blockchains and emerging financial technologies.

 

Learn more about the cryptocurrency that started it all—the history behind it, how it works, how to get it, and what it can be used for.

 

KEY TAKEAWAYS

  • Launched in 2009, Bitcoin is the world's largest cryptocurrency by market capitalization.
  • Unlike fiat currency, Bitcoin is created, distributed, traded, and stored using a decentralized ledger system known as a blockchain.
  • Bitcoin and its ledger are secured by proof-of-work (PoW) consensus, which is also the "mining" process that introduces new bitcoins into the system.
  • Bitcoin's history as a store of value has been turbulent; it has gone through several boom and bust cycles over its relatively short lifespan.
  • As the first decentralized virtual currency to meet widespread popularity and success, Bitcoin has inspired a host of other cryptocurrencies in its wake.