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The concept of Bitcoin first came into existence in 2008 via a white paper written by a pseudonymous entity. In 2009, Bitcoin (BTC) went live on the web. The asset functioned more as a currency in its early days, gaining popularity and use through the years.

Though it started out virtually worthless in U.S. dollar terms, Bitcoin’s price rose through time to eventually be worth more than $50,000 per coin. The asset is now often viewed in the crypto industry as more as a vehicle of wealth storage than a currency.

Bitcoin runs on its own blockchain. When describing how the Bitcoin network functions, it is important to note that the system was created to solve a very particular set of problems around the role of trust in online trade. Before going into the details of how Bitcoin operates, one must first understand what may seem to be an underwhelming topic: accounting.

Link: https://cointelegraph.com/bitcoin-for-beginners/what-is-bitcoin