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.
NOTE: This warning note is to alert you about the potential risks associated with attempting to calculate an average Bitcoin price. It is important to remember that the average Bitcoin price is a highly volatile number and can change drastically over short periods of time due to various external factors. Therefore, it is advised that you exercise caution when attempting to calculate an average Bitcoin price and consider other sources of information before making any decisions based on your calculations. Additionally, if you are unsure about any of the steps involved in calculating an average Bitcoin price, seek professional guidance from a financial advisor or cryptocurrency expert.
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.