Bitcoin

In short: Bitcoin is the first and best-known cryptocurrency, launched in 2009 by the unknown person or group “Satoshi Nakamoto”.

In more detail: The supply is limited to 21 million coins. Transactions are stored in blocks on a public blockchain.

In Depth

How it works

Miners solve a task with high computing effort (proof of work, see crypto mining) and receive new coins and fees. About every four years the reward halves (“halving”).

Wallet

A wallet manages the private keys. Whoever loses them loses the coins. See private key.

Use in crime

Ransom for ransomware (Locky, WannaCry) is mostly demanded in bitcoin, even though transactions are traceable. See cryptocurrencies.

See also: Cryptocurrencies, Ethereum, Crypto Mining, Private Key