What is Bitcoin?

The first decentralized cryptocurrency, launched in 2009, and the most widely accepted digital currency for payments.

Last updated June 12, 2026

Bitcoin (BTC) is the world’s first decentralized cryptocurrency, introduced in a 2008 white paper by the pseudonymous Satoshi Nakamoto and launched on January 3, 2009. It is a peer-to-peer electronic cash system that allows participants to send and receive value across the internet without going through a bank or other financial intermediary.

How Bitcoin works

Bitcoin runs on a public, distributed ledger called the blockchain. Every transaction is broadcast to a global network of computers (nodes) that verify the transaction against consensus rules. Verified transactions are bundled into blocks, which are added to the chain approximately every ten minutes. Miners compete to produce new blocks and are rewarded with newly minted bitcoin, plus transaction fees.

The total supply of bitcoin is capped at 21 million coins. This hard cap is enforced by the protocol itself and is one of the defining features that distinguishes Bitcoin from traditional fiat currencies.

Why it matters for payments

Bitcoin is the single most widely accepted cryptocurrency by merchants. Because of its brand recognition, liquidity, and established payment infrastructure (BitPay, Coinbase Commerce, BTCPay Server, the Lightning Network), it is usually the first coin a merchant adds when it begins accepting crypto. When you see a “we accept crypto” badge on a website, Bitcoin is almost always supported.

If you are new to spending crypto, Bitcoin is typically the easiest place to start — it has the broadest merchant support, the deepest liquidity, and the most robust payment tooling.

Where to spend Bitcoin

You can pay with Bitcoin in two main ways:

Direct on-chain payments at merchants that integrate a Bitcoin payment processor. Settlement is slower (minutes to hours) and on-chain fees can spike during busy periods.
Lightning Network payments at merchants that support it. Lightning transactions settle in seconds and cost fractions of a cent, making it suitable for everyday purchases.

You can also load Bitcoin onto a crypto debit card and spend it anywhere Visa or Mastercard is accepted.