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The first decentralized peer-to-peer cryptocurrency founded by the pseudo name Satoshi Nakamoto in 1998. It uses the SHA-256 hash function to encrypt its block chain. It is based on a proof-of-work validation system where miners use high powered computing machines to solve complex algorithms in exchange for currency. There are a finite amount of coins to be mined.


Bitcoin.org. 2009. Web. Nov. 4th, 2016. https://bitcoin.org/en/faq#what-is-bitcoin

“Bitcoin Mining Hardware Guide”Bitcoinmining.com. N.P. Web. 19th oct., 2016. https://www.bitcoinmining.com/bitcoin-mining-hardware/

Central European bank “Virtual currency schemes – a further analysis”.ecb.europa.eu. Central European Bank. Web. Feb 2015. https://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemesen.pdf

Gaydon, Carter, “What is cryptocurrency?”cryptocurrencynews.com.16th sept. 2014. Web. 19th oct. 2016. https://www.cryptocoinsnews.com/bitcoins-future-proof-of-stake-vs-proof-of-work/

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