Bitcoin (BTC)
Web3 / cryptocurrency types
Bitcoin is the first and most prominent cryptocurrency, created in 2009 by an anonymous individual or group using the pseudonym Satoshi Nakamoto. It operates as a decentralized peer-to-peer electronic cash system built on blockchain technology, allowing transactions without intermediaries like banks. Bitcoin uses Proof-of-Work consensus, where miners solve complex mathematical puzzles to validate transactions and create new coins. With a fixed supply cap of 21 million coins, Bitcoin functions simultaneously as a medium of exchange, a store of value, and digital money, establishing the foundation for all subsequent cryptocurrencies and Web3 innovation. Example: In 2021, El Salvador became the first nation to adopt Bitcoin as legal tender alongside the U.S. dollar, integrating BTC into its national financial system and encouraging citizens to use it for everyday transactions and savings. Why it matters for cryptocurrency: Bitcoin serves as the foundational cryptocurrency and store-of-value narrative that legitimized the entire digital asset class, making it essential for understanding how decentralized money functions and why cryptocurrencies matter to global finance.
Explore the full Web3 Glossary — 2,062+ expert-curated definitions. Need guidance? Talk to our consultants.