Bitcoin is the World’s first Decentralised/Distributed Digital Currency on the Internet. Bitcoin is the first successful implementation of Blockchain technology which is essentially a public open ledger of transactions happening within the distributed network of nodes(computers) that makes up the Bitcoin network.
Today there are thousands of miners and nodes that record and ensure transactions happening on the blockchain are immutable and updated correctly. The miners are rewarded with digital tokens known as bitcoins.
Bitcoin the Platform has 4 key distinct characteristics.
- Bitcoin the Blockchain; the open ledger maintained and safeguarded by the distributed network of miner.
- Bitcoin the Currency the digital token used for transactions and to reward miners who safeguard the network and Blockchain.
- Bitcoin the payment network/protocol used to carry bitcoin currency transactions across the network.
- Bitcoin the software which is open source allowing for extensible and evolution of the platform in the future.
Indeed bitcoin the currency is the first successful application of Bitcoin the Platform.