From all cryptocurrencies and blockchain networks, Bitcoin was the first and arguably to this day the most famous of them all. It was the first coin that based itself not on a banking system, a centralized government and/or a payment system but is in fact completely decentralized. The network is completely trustless and trust is based on the actions of all the nodes in the network. Consensus is needed to move forward and is the lifeblood of the network. Bitcoin is also the proponent of what is currently called ‘blockchain 1.0’ or the first type of blockchain and blockchain implementation to see the light of day. Within the network the proof of work algorithm is being used, more specifically it is based on the secure hash algorithm 256, better known as SHA-256 (see earlier for detailed explanation)