With the growth and spread of the internet all over the world, several technologies making it easy for people from the corner of their room to make transactions, a software developer by the name SATOSHI NAKAMOTO proposed a cryptocurrency in 2008 “ the bitcoin”. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way.To this day, no-one knows who Satoshi Nakamoto really is.

In the Bitcoin whitepaper, Nakamoto explains that each Bitcoin transaction has to be verified by a decentralized group of computers – also known as miners. In exchange for verifying transactions and auditing the network ledger, these miners get Bitcoins as a reward