> For the complete documentation index, see [llms.txt](https://jigzcrypto.gitbook.io/beginners-guide-to-crypto/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://jigzcrypto.gitbook.io/beginners-guide-to-crypto/what-is-bitcoin.md). # What is Bitcoin ? In 2008, a man named Satoshi Nakamoto published a whitepaper titled 'Bitcoin: A Peer-to-Peer Electronic Cash System', Bitcoin was made not to rely on banks. In 2009, he launched the Bitcoin software and the first bitcoins were mined. Later on in 2011, 10,000 Bitcoins were used to buy 2 pizzas - a very silly mistake if you ask me! This instance also marked as the first purchase using Bitcoin! Along the years many businesses started using Bitcoin as a means of receiving payment and in 2021, El Salvador becomes the first country to adopt Bitcoin as legal tender. Here are some fun facts about Bitcoin: * **Who is Satoshi?** The true identity of Satoshi Nakamoto, the creator of Bitcoin, remains a complete mystery. Many theories exist, but no one knows for sure who it is. * **Most Bitcoins Are Lost Forever:** Estimates suggest that around 20% of all bitcoins might be lost forever due to forgotten passwords or damaged hard drives. * **A Bug and a Bunch of Free Bitcoins:** A bug in the early Bitcoin code once accidentally created 184 billion bitcoins! Luckily, the error was caught before it caused any major issues. * **The Littlest Bitcoin:** The smallest unit of Bitcoin is called a "satoshi" and is equal to 0.00000001 BTC. Imagine having a fraction of a penny! * **Bitcoin Mining Takes Time:** The total number of bitcoins that will ever exist is capped at 21 million. With mining becoming more difficult, it's estimated the last bitcoin won't be mined until around 2140! * **Halving Events:** Bitcoin undergoes "halving" events approximately every four years. During a halving, the reward given to miners for validating transactions is cut in half. These events are programmed into Bitcoin's code to gradually reduce the rate of new bitcoin issuance, making it increasingly scarce over time. * **Satoshi's Fortune:** Satoshi Nakamoto, the creator of Bitcoin, is estimated to own a significant portion of the total supply of bitcoins. As the early miner of bitcoins, Nakamoto's wallet addresses are believed to contain over one million bitcoins, though these coins have never been spent or moved. This makes Nakamoto one of the wealthiest individuals in the world, based on current Bitcoin prices, if they were to ever access or sell their holdings. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://jigzcrypto.gitbook.io/beginners-guide-to-crypto/what-is-bitcoin.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.