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.
NOTE: WARNING: Bitcoin is a virtual currency that is not backed by any government or central bank and carries a high risk of loss due to its highly volatile nature. It is also not insured by the FDIC or other government insurance programs. As such, investing in Bitcoin should be done with caution and only after thorough research and understanding of the associated risks.
Bitcoin is often called the first cryptocurrency, although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency.
It is the largest of its kind in terms of total market value.
What Is Another Word for Bitcoin?
There is no other word for Bitcoin. It is the first and only cryptocurrency.
5 Related Question Answers Found
When it comes to money, we all know there are two types: fiat currency and cryptocurrency. Fiat currency is the government-issued kind that’s legal tender, like dollars, euros, and yen. Cryptocurrency is the digital or virtual kind that uses cryptography for security.
What is Bitcoin? 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 is decentralized, meaning it is not subject to government or financial institution control.
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.
When it comes to Bitcoin, there is a lot of confusion out there. People are not quite sure what it is, or how it works. In this article, we are going to take a closer look at Bitcoin and try to answer the question – what exactly 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. 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 under the name Satoshi Nakamoto and released as open-source software in 2009.
