Bitcoin is the world’s first decentralized digital currency. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto, who was an early Bitcoin developer and designer. The Bitcoin design has been the inspiration for other currencies, including Litecoin, Ripple, and Ethereum. These are called altcoins and are built upon Bitcoin’s blockchain technology. Some benefits of Bitcoin include lower transaction fees than traditional methods, faster transactions than other methods, and no need to provide personal identifying information when making transactions.