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 uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. 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 often called the first cryptocurrency, although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency. Bitcoin is the largest of its kind in terms of total market value.
Bitcoins are created by users who "mine" them by solving mathematical problems. Bitcoin miners are rewarded with transaction fees and newly created bitcoins.
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.
What are the benefits of Bitcoin?
Bitcoin has several benefits:
1. Bitcoin is decentralized, so there is no single point of failure.
2. Bitcoin is global, so you can use it anywhere.
3. Bitcoin is anonymous, so you don't have to reveal your identity.
4. Bitcoin is secure, so you don't have to worry about fraud or theft.
5. Bitcoin is fast, so you don't have to wait for transactions to clear.
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