The operators of this network, known as “miners” like bitcoin generator, are rewarded with transaction fees and newly minted bitcoins. This master list of all transactions shows who owns what bitcoins currently and in the past and is maintained by a decentralized network that verifies and timestamps payments. Instead, the buyer requests an update to a public transaction log, the blockchain. When paying with bitcoin, there will be no exchange of digital notes or tokens between buyer and seller. It is called a cryptocurrency as it uses public-key cryptography.
Bitcoin was introduced in 2009 by pseudonymous developer Satoshi Nakamoto. Bitcoin is a peer-to-peer payment network and digital currency based on an open source protocol, which makes use of a public transaction log.
