Bit coin is a digital asset and a payment system invented by Satoshi Nakamoto, who published the invention in 2008[12] and released it as open-source software in 2009.[18] The system is peer-to-peer; users can transact directly without an intermediary.[19]:4 Transactions are verified by network nodes and recorded in a public distributed ledger called the block chain. The ledger uses bit coin as its unit of account. The system works without a central repository or single administrator, which has led the U.S. Treasury to categorize bit coin as a decentralized virtual currency.[1] Bit coin is often called the first crypto currency, although prior systems existed Bit coin is more correctly described as the first decentralized digital currency It is the largest of its kind in terms of total market value.[27]
