Bitcoin

Jonas Valbjørn Andersen

Chapter 5 in Elgar Encyclopedia of Cryptocurrencies, Blockchain and DLT, 2026, pp 26-30 from Edward Elgar Publishing

Abstract: Bitcoin, launched in 2009 by the pseudonymous Satoshi Nakamoto, is the first decentralized cryptocurrency built on blockchain and powered by a proof of work consensus algorithm. Designed to bypass traditional financial intermediaries, it offers transparency, limited supply, and global accessibility. Bitcoin has evolved from a peer-to-peer cash system into a widely recognized store of value, driving financial innovation and the rise of decentralized finance (DeFi). Despite challenges relating to scalability, regulatory, and environmental issues, Bitcoin continues to shape the global financial landscape and inspire a broader cryptocurrency ecosystem with ongoing implications for DeFi innovation and financial sovereignty.

Keywords: Bitcoin; Blockchain; Cryptocurrency; Proof of work; Decentralized finance; DeFi; Financial infrastructure (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035339952
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