Bitcoin is a cryptocurrency and a payment system, first proposed by an anonymous person or group of people under the name Satoshi Nakamoto in 2008. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network.
Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
The unit of account of the bitcoin system is a bitcoin. Ticker symbols used to represent bitcoin are BTC[b] and XBT.[c] Its Unicode character is ₿.[d] Small amounts of bitcoin used as alternative units are millibitcoin (mBTC),[e] and satoshi (sat).
Named in homage to bitcoin’s creator, a satoshi is the smallest amount within bitcoin representing 0.00000001 bitcoins, one hundred millionth of a bitcoin.[2] A millibitcoin equals 0.001 bitcoins; one thousandth of a bitcoin or 100 satoshis.[3].
Investing in Bitcoin is a high-risk activity and you can lose your entire investment. The price of a Bitcoin coin can rapidly increase or decrease at any time, and there is no guarantee of a return on your investment. You should thoroughly research the risks associated with buying and trading Bitcoin before investing any of your own money.
As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.[4][5]
How much does a Bitcoin coin cost?
Bitcoin coins are currently worth around $9,500 each. However, the price of Bitcoin can fluctuate greatly depending on market conditions.
So, if you’re thinking about buying Bitcoin, it’s important to do your research to ensure you’re getting a good deal.