Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain.
Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
Bitcoin can be used to pay for things electronically, if both parties are willing. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.
However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network.
This puts some people at ease, because it means that a large bank can’t control their money.
What’s more, bitcoins can be sent from anywhere in the world to anywhere else in the world instantly, without any bank fees or middlemen. This makes it very attractive for international trade.
However, because bitcoins are not regulated by governments or banks, they can be used for illegal activities like drug trafficking and money laundering. This has caused some countries to hesitant about using them, and has also led to wild swings in their value.
8 Related Question Answers Found
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. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoin mining is the process of verifying and adding transaction records to the public ledger (known as the blockchain). The Bitcoin network relies on miners to verify and validate transactions, and they are rewarded with cryptocurrency for their efforts. In order to mine Bitcoin, you will need specialised hardware known as an ASIC (Application Specific Integrated Circuit).
Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary.
In short, yes. Bitcoin can be used for a wide variety of purposes, some of which may surprise you. Let’s take a look at some of the most popular uses for Bitcoin.
Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary.
