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What is Bitcoin?

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 decentralized--meaning that it is not governed by any one institution. Rather, it relies on a peer-to-peer network to verify transactions. This system is powered by individuals who use their computers to verify transactions and maintain the blockchain.

In order to verify transactions, Bitcoin miners must solve a cryptographic puzzle. This puzzle is difficult to solve, but once it is, miners are rewarded with bitcoins.

What are the benefits of Bitcoin?

Bitcoin has several benefits over traditional currencies. For example:

1. Bitcoin is decentralized, so there is no central authority that can control or manipulate the currency.

2. Bitcoin transactions are irreversible, so merchants cannot charge fraudulent transactions.

3. Bitcoin is pseudonymous, so users can transact without revealing their identities.

4. Bitcoin payments are processed quickly, so merchants don't have to wait long for payments to clear.

5. Bitcoin is global, so it can be used by anyone, anywhere.

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