Bitcoin is a software-based online payment system described by Satoshi Nakamoto in 2008 and introduced as open-source software in 2009. A peer-to-peer client records transactions in a shared, public ledger denominated in its own unit of account, which is also called bitcoin. Because it lacks a central repository or single administrator, the US Treasury has called bitcoin a decentralized virtual currency. Media reports often refer to bitcoin as a cryptocurrency or digital currency. Bitcoin’s status as an actual currency is disputed as it does not have all the attributes of money. Bitcoin is the first cryptocurrency and the largest in terms of total market value although others such as Litecoin and Dogecoin also exist.

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