Bitcoin is a decentralized electronic currency conceived in 2009 by Satoshi Nakamoto. The name also applies to the protocol designed by the same author as the P2P network that supports it. Unlike most currencies, Bitcoin confidence does not depend on any central transmitter but uses a working test system to prevent double spending and reach consensus among all nodes.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.