# BITCOIN

By [dotstyle](https://paragraph.com/@dotstyle) · 2023-01-06

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Bitcoin refers to a payment network and cryptocurrency that uses public transaction logs. It began operations in 2009, based on a paper posted by a person claiming to be Satoshi Nakamoto. Bitcoin has no central authority like a bank, and all currency issuance and transactions are peer-to-peer. All transactions are recorded in a public distributed ledger called the blockchain, which allows anyone to verify the integrity of transactions. This process of verifying and recording transactions is called mining, and miners who provide computing power are compensated with transaction fees and newly issued bitcoins. They can also be obtained in exchange for goods and services, in exchange for other currencies, or by accepting donations. Because they do not require the input of personal information such as credit card numbers and are relatively inexpensive, the number of cases where they are actually used to pay for products and services is increasing each year. WIRED has focused on the technology surrounding bitcoin, including the impact and dangers of cryptocurrencies (crypto assets and virtual currencies) on society, and the applications and possibilities of blockchain technology.

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*Originally published on [dotstyle](https://paragraph.com/@dotstyle/bitcoin)*