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Bitcoin Information Back to BTCSatoshi What is Bitcoin? Bitcoin is the first of its kind. It is a protocol, and a network. Bitcoin is based on an open source protocol created by “Satoshi Nakamoto”. There are a lot of definitions surrounding it such as peer-to-peer, cryptocurrency, public key, decentralized, digital currency. The Bitcoin protocol was developed by Satoshi Nakamoto. This was created as an open-source protocol, meaning, anyone can submit work for review to be included in the protocol and no single person “owns” the protocol.