Bitcoin: Blockchain Token – What is it?

2 min read

Bitcoin is the OG of all blockchains and tokens. Created under the pseudonym, Satoshi Nakamoto, in response to the 2008 global financial crisis, Bitcoin introduced the distributed ledger technology that would ultimately become known as “Blockchain Technology.” The original purpose of Bitcoin was to create a currency that could transcend borders, taking middle men out of the equation and saving us — the individuals — money.

The Bitcoin blockchain had been the longest running blockchain without a fork until August 2017. At that time, miners who were looking to increase block size decided to break off from the main chain in order to create a new currency, Bitcoin Cash. It’s important to know that although Bitcoin Cash originated from Bitcoin’s blockchain, they are two entirely separate currencies.

Bitcoin is both a platform and cryptocurrency. Here’s a pro tip for you all:

  • A capital B in ‘Bitcoin’ describes the bitcoin blockchain
  • While bitcoin with a lower case b refers to the cryptocurrency itself

Built upon the bitcoin blockchain network, bitcoin’s main function is to act like a digital currency.

Bitcoin CashLitecoinBitcoin Gold, and Dash are some of the main competitors to Bitcoin.

If you want to learn more about Bitcoin and get some useful resources to do so, check out our Bitcoin Resource Guide! It has most of what you need right in one place, links and all!

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