Bitcoin

Bitcoin was described in a 2008 white paper by a person or group using the name Satoshi Nakamoto, whose real identity remains unknown. The network launched in January 2009.

Bitcoin transactions are recorded on a public ledger, the blockchain, maintained by a global network of computers. New blocks of transactions are added through a process called mining, in which participants use computing power to solve mathematical puzzles under a proof-of-work system, earning newly created bitcoins and transaction fees.

The number of new bitcoins created per block halves roughly every four years, an event known as the halving, until the 21 million limit is reached, expected around 2140.

Supporters see Bitcoin as digital gold, a store of value outside government control. Critics point to its extreme price volatility, high energy use, use in illegal activity and limited practicality for everyday payments.

For example, in January 2024, US regulators approved spot Bitcoin exchange-traded funds, making it easier for mainstream investors to gain exposure. El Salvador made Bitcoin legal tender in 2021 but later made its acceptance voluntary in 2025. Bitcoin’s price has experienced several dramatic rises and crashes.