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 was invented by an unknown person or group of people using 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. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Bitcoin can also be held as an investment.
According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
Bitcoin has been around for almost 10 years now. It was created in early 2009 by Satoshi Nakamoto, an anonymous figure who remains the currency’s elusive founder to this day.
The first ever Bitcoin transaction took place on Jan. 12, 2009 — Nakamoto sent 10 BTC to software developer Hal Finney as a test — and since then, the cryptocurrency has gone through several highs and lows, with its value currently sitting at around $3,500 per coin. .
While some investors remain cautious about Bitcoin, others see it as a way to make quick profits. However, given its volatile nature, it’s important to approach Bitcoin with caution and understand that it may not be suitable for everyone.