Bitcoin is the world’s first cryptocurrency. It uses peer-to-peer technology to operate with no central authority or banks. Managing transactions and the issuing of Bitcoins is carried out collectively via a digital ledger known as the blockchain. Bitcoin is open-source, which means that its design is public and nobody owns it, but everyone can take part. Bitcoins are divided into smaller units called satoshis, named after the pseudonym used by Bitcoin’s anonymous creator – Satoshi Nakamoto. Each satoshi is worth 0.00000001 bitcoin.