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What is Bitcoin?

By [email protected] and EM @QUE.com
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.

How does Bitcoin work?

Bitcoin is one of the first digital currencies to use peer-to-peer technology to facilitate instant payments. The unique features of Bitcoin are:

Bitcoin is decentralized : Bitcoin is not controlled by a single entity. Rather, it is an open network maintained by its users.

: Bitcoin is not controlled by a single entity. Rather, it is an open network maintained by its users. Bitcoin is secure : Bitcoin transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain.

: Bitcoin transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin is transparent : All Bitcoin transactions are public and transparent.

: All Bitcoin transactions are public and transparent. Bitcoin is global : Bitcoin is available to anyone in the world with an internet connection.

: Bitcoin is available to anyone in the world with an internet connection. Bitcoin is inflationary: New bitcoins are created at a fixed rate, which means that the total number of bitcoins in circulation will gradually increase over time.

What is Blockchain?

Blockchain is a digital ledger of all Bitcoin transactions. It is constantly growing as "completed" blocks are added to it with a new set of recordings. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Bitcoin nodes use the block chain to differentiate legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.

What is a Bitcoin wallet?

A Bitcoin wallet is a software program where bitcoins are stored. Bitcoin wallets are also used to manage your private keys. A Bitcoin wallet is not an actual wallet, but a collection of keys. Most Bitcoin wallets are free and open source.

What is mining?

Mining is how new bitcoins are created. Miners are rewarded with bitcoins for verifying and committing transactions to the blockchain. Bitcoin miners are responsible for securing the network and verifying transactions.

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