Bitcoin is an innovative payment network and a new kind of money. The Bitcoin protocol was first described in a 2008 paper by Satoshi Nakamoto. “Satoshi Nakamoto” is probably a pseudonym, so it’s not clear whether the protocol was developed by an individual or a group of individuals, and attempts to identify the developer or development team have been unsuccessful.

The bitcoin network is a peer-to-peer payment network that operates on a cryptographic protocol. Powered by the Blockchain technology, its defining characteristic is its decentralization, i.e. the lack of central governing authority, such as a central bank or a ministry of finance.

Bitcoin's issuance and circulation are ensured by regular users via a process known as "Bitcoin mining". Bitcoin can be sent anywhere, anytime, (almost) for free, and with little regard for national borders or government/bank-imposed restrictions.