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.
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 is often called a cryptocurrency or digital currency. It is also sometimes called a virtual currency or Internet currency.
NOTE: WARNING: Investing in Bitcoin (or any other cryptocurrency) carries a significant risk. Bitcoin is not classified as a utility token, and is not backed by any government or other financial institution. Therefore, it carries a high degree of risk and should be treated as a speculative investment. Please conduct your own due diligence before making any investment decisions.
These are all different names for the same thing.
What is Bitcoin?
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.
Bitcoin is unique in that there are only 21 million of them: finite supply unlike other digital currencies like Ethereum which have an infinite supply. .
Bitcoins are created as rewards for “mining.” Mining is when somebody uses their computer to verify transactions in the Bitcoin network. As an incentive, when they successfully verify a transaction block they get rewarded with some bitcoins! The more blocks mined, the more difficult it becomes to find new blocks (hence why it’s called “mining”). As of February 2015, over 100,000 merchants and vendors accept bitcoin as payment worldwide including NewEgg, Overstock.com, TigerDirect, and Zapos.
Popularity has grown so much that some cities accept bitcoin in lieu of traditional currencies for transactions including Miami and Berkeley, CA. In May 2010 Laszlo Hanyecz made the first real world transaction by buying two pizzas from Papa John’s Pizza for 10 thousand bitcoins (worth about $25 USD at the time).
9 Related Question Answers Found
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.
When it comes to Bitcoin, there are two schools of thought when it comes to how the world’s first cryptocurrency should be classified. Some believe that Bitcoin is a security token, while others contend that it’s a utility token. So, which is it?
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
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.
When it comes to Bitcoin, there is a lot of confusion about what it actually is. Is it a coin or a token? Well, the answer is both.
When it comes to Bitcoin, there is a lot of confusion about what it actually is. Is it a coin or a token? Well, the answer is both.
When it comes to Bitcoin, there is a great debate raging as to whether it is a token or a coin. On one side of the argument, there are those who say that Bitcoin is definitely a token. They argue that the fact that Bitcoin is used as a means of exchange on various platforms and is not backed by any government or central authority makes it a pure token.
When it comes to Bitcoin, there is a lot of confusion out there. Some people think that Bitcoin is a token, while others believe that it is a coin. So, which one is it?
Bitcoin is often described as a digital or virtual currency, but it’s really much more than that. Bitcoin is a decentralized, global, peer-to-peer network that enables the transfer of value over the Internet. Transactions are verified by network nodes through cryptography and recorded in a public ledger called a blockchain.
