¿Qué es Bitcoin?

¿Qué es Bitcoin?

Bitcoin (BTC) is a cryptocurrency that was designed to act as a digital currency and as an alternative to traditional fiat currencies. Its decentralized nature allows users to use Bitcoin as a mode of payment without intermediaries like the government or banks.

Bitcoin is the first cryptocurrency that inspired many developers to create various digital currencies. However, Bitcoin is the most popular cryptocurrency even in 2025 despite the availability of thousands of cryptocurrencies.

Bitcoin operates based on an open-source protocol, which was originally developed by the pseudonymous founder, Satoshi Nakamoto. However, thousands of developers have contributed to the Bitcoin blockchain development since its launch in 2008.

Nodes or miners validate the Bitcoin transactions through Bitcoin’s Prueba de trabajo (PoW) consensus mechanism and add them to the public ledger. The process is popularly known as Bitcoin mining. The miner who solves the cryptographic puzzles first and successfully mines the new block gets a newly minted Bitcoin as a mining reward.

Users often use Bitcoin as a mode of payment for speculations and investing purposes. However, it is often considered a risky investment as cryptocurrencies are highly volatile.

History of Bitcoin

Bitcoin’s history dates back to 2008. The domain name bitcoin.org was registered in August 2008. In October 2008, Satoshi Nakamoto posted a link to the white paper titled Bitcoin: A Peer-to-Peer Electronic Cash System to the cryptography mailing list. Nakamoto implemented Bitcoin software as open-source in January 2009, encouraging developers to leverage it.

The first Bitcoin block was mined in January 2009. It was called the Genesis block with the text saying “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” Experts estimate that Nakamoto might have mined about one million Bitcoins before disappearing in 2010.

Bitcoin’s control later came to the Bitcoin Foundation, an organization founded in September 2012 to promote Bitcoin. The following year, The US Financial Crimes Enforcement Network (FinCEN) derived regulatory guidelines for cryptocurrencies, streamlining its usage.

From its inception, Bitcoin has come a long way. It remains the most popular cryptocurrency even in 2025. Bitcoin undergoes halving for every 210,000 blocks to create artificial scarcity and beat inflation. For every halving, the mining rewards will be reduced to half. The recent Bitcoin halving happened in April 2024, and the current block rewards are 3.125 Bitcoins.

What makes Bitcoin Unique?

Ideally, traditional money, like fiat currencies is considered money for the following reasons.

• It acts as a mode of exchange.
• It acts as a unit of account.
• It acts as a store of value.

Though Bitcoin is a digital currency, it has all the above characteristics and more. Here are some of the factors that make Bitcoin unique.

1. Robust Network

Rather than depending on physical properties like gold or real estate like fiat currencies, Bitcoin relies on a robust peer-to-peer network with a rigid protocol. Users can leverage the network and build innovative solutions like smart contracts, lightning networks that enable faster and cheaper transactions, etc.

2. Scarcity

Bitcoin has already been designed with a maximum limit of 21 million. The idea is to create an artificial scarcity, thereby maintaining the stability of Bitcoin’s price. Bitcoin undergoes halving for every 210,000 blocks which happens around every four years to cut down the mining rewards in half. Thus, Bitcoin is less prone to inflation than fiat currencies.

3. Decentralization

Unlike fiat currencies which are controlled by the government and are prone to economic downturns, Bitcoin is free from such restrictions. There are no intermediaries involved in Bitcoin transactions. It is global and is free from the economic behaviour of particular countries.

4. Convenience

Bitcoin is easy to use. You can transfer Bitcoin from anywhere to anyone worldwide in a few clicks. Bitcoin can never be hacked unlike banks and financial institutions. All you have to do is to manage your private keys. Rest assured that only you can access your Bitcoin account.

5. Global

Bitcoin is not restricted by geographical locations or national borders. Anyone can send Bitcoins to anyone without intermediaries like currency exchanges, local payment service providers, or banks. That makes Bitcoin truly global.

6. Open-Source

Bitcoin is not owned or governed by any single authority. It is developed and maintained by teams and individuals worldwide. Thus, it encourages and provides a platform for all to leverage unlike fiat currencies and traditional institutions.

What gives Bitcoin Value?

Bitcoin has value just like traditional fiat currencies. You can use Bitcoin to buy products and services, just like you do with fiat currencies. Besides being used as payment, Bitcoin maintains a high exchange rate as many use it for investment purposes, hoping for high returns.

Bitcoin can function as a store of value and unit of exchange, just like fiat currencies. Though Bitcoin works similarly to fiat currencies, it is quite different. For instance, its primary source of value relies on its limited supply and increasing demand. Moreover, Bitcoin has some unique characteristics that make it valuable and useful in an economy.

Let’s discuss those distinct factors in brief.

1. Divisibility

Bitcoin is easily divisible than fiat currencies. For example, you can divide one Bitcoin into 100 million Satoshis whereas you can only divide 1 US dollar into 100 cents. Thus, Bitcoin will always exist here as you can always divide into smallest pieces.

2. Scarcity

Bitcoin is designed with a maximum capacity of 21 million. The idea is to create an artificial scarcity, thereby increasing the demand for Bitcoins. Thus, the Bitcoin price will be stable. Unlike fiat currencies and other traditional physical assets, Bitcoin can help you beat inflation.

3. Acceptability

People are already familiar with Bitcoin payments. As the Bitcoin network expands and more and more people start using cryptocurrencies, many countries will adopt them. When many businesses start accepting Bitcoin payments, more consumers will start using them.

4. Durability

The internet is durable with a robust network of computer systems worldwide. A globally distributed network monitors and tracks Bitcoin ownership. As long as Bitcoin occupies the digital space, Bitcoin will never be lost.

5. Portability

Bitcoin is borderless. You can send any amount of Bitcoin to anyone in a few minutes. All you need is an internet connection. This portability allows anyone to participate in Bitcoin transactions, encouraging them to access the global economy.

6. Uniformity

Bitcoin cannot be counterfeited as it doesn’t exist physically. Moreover, it is impossible to hack Bitcoin. Thus, Bitcoin is free from scams.

How does Bitcoin Work?

Users can get started with Bitcoin without knowing its technicalities. Let’s say, you want to use Bitcoin. The first step is to install a dedicated Bitcoin wallet on your computer or mobile. Once done, your wallet will generate your first Bitcoin address. However, you can create more addresses.

Your Bitcoin wallet address works like your email address. You can share the address with anyone. Thus, you and your friends can exchange Bitcoin payments. It is as simple as sending an email. However, Bitcoin addresses should be used only once unlike email addresses.

1. Blockchain

Blockchain is the technology behind Bitcoin. All Bitcoin transactions are verified and added on the public ledger. Once recorded, the transactions cannot be altered. Thus, Bitcoin transactions are transparent and immutable.

Moreover, it allows Bitcoin wallets to calculate their spendable balance. Thus, new transactions are verified, ensuring they are owned by the spender. Backed up by the PoW mechanism and cryptography, the integrity of the Bitcoin blockchain is maintained.

2. Private Keys

A Bitcoin wallet has a public key and a private key that work together to initiate Bitcoin transactions. Using these two keys, users can securely transfer Bitcoins. The Bitcoin transaction is the transfer of value between Bitcoin wallets. All of these transactions are recorded on the Bitcoin blockchain.

Bitcoin wallets keep private keys secret, which is used by the owners to sign transactions. It acts like a mathematical proof that they are the owner of the wallet. Besides, private keys also prevent anyone from altering the transaction once it has been issued.

All Bitcoin transactions are broadcast to the network through a process called Bitcoin mining. The transaction confirmation time is around 10 to 20 minutes.

3. Mining

Bitcoin mining follows the Proof of Work (PoW) consensus mechanism to confirm transactions on the Bitcoin blockchain. The mechanism demands a chronological order in the blockchain, fostering the integrity of the network and enabling different computers to agree on the system’s state.

All transactions should be packed in a block that abides by stringent cryptographic protocols which will be verified by the network. These protocols prevent anyone from modifying previous blocks as it would invalidate all the subsequent blocks.

Moreover, mining creates an opportunity for a competitive lottery, preventing anyone from adding new blocks consecutively to the blockchain. Thus, no single entity controls the blockchain or replaces parts of the blockchain or double spending.

Who Controls Bitcoin?

Bitcoin is decentralized and no single authority governs the network, how are its operations streamlined? Who controls the Bitcoin network? The Bitcoin protocol is open-source software that was created by the pseudonymous founder, Satoshi Nakamoto. However, thousands of developers worked on its development since its inception in 2008. The set of people voluntarily run the software.

The Bitcoin protocol can change depending on the larger team of people and not just those who run the software. The team often comprises millions of Bitcoin holders, businesses that use Bitcoin, developers who leverage Bitcoin, and others with a stake in Bitcoin. All of them collectively influence Bitcoin.

Risks associated with Bitcoin Investing

Let’s discuss some of the possible risks associated with Bitcoin investing.

1. Regulatory Risks

The regulatory affairs for crypto-related projects are yet to be stabilized. Bitcoins are considered as commodities and not as securities yet. However, this may change in future.

2. Security Risks

Often, people who own Bitcoins do not acquire them through mining processes. Instead, they buy and sell Bitcoin and other cryptocurrencies via cryptocurrency exchanges. Due to their digital nature, these exchanges are at risk of hackers, malware, and other operational glitches, which can pose a threat to your crypto asset.

3. Insurance Risks

Bitcoin and other cryptocurrencies are not protected by the Securities Investor Protection Corporation (SIPC) or the Federal Deposit Insurance Corporation (FDIC). However, some exchanges offer insurance through third-party providers.

For example, Gemini and Coinbase provide insurance, but this coverage only applies in the event of system failures or cybersecurity breaches. Additionally, any cash deposits made on these exchanges may be eligible for “pass-through” FDIC coverage.

4. Market Risks

Like any other cryptocurrencies, Bitcoin prices are highly volatile. There can be drastic price movements in a short period. The fluctuating prices can put your investments at risk.