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 one of the first digital currencies to use peer-to-peer technology to facilitate instant payments. The independent individuals and companies who own the governing computing power and participate in the Bitcoin network, also known as "miners," are motivated by rewards (the release of new bitcoin) and transaction fees paid in bitcoin.

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.

Who Controls the Bitcoin Network?

Miners are responsible for the security of the Bitcoin network.

Bitcoin miners are rewarded with transaction fees and new bitcoins generated by the network. Segwit2x proposed increasing the size of blocks from 1mb to 2mb, which would allow for more transactions to be processed.

What is Bitcoin Mining?

Mining is how new Bitcoin and Bitcoin Cash are created. Miners are rewarded with Bitcoin for verifying and committing transactions to the blockchain. Bitcoin miners are also responsible for the security of the network.

How Do I Use Bitcoin?

Bitcoin is digital money. Like other forms of digital money, such as credit cards, PayPal, and Venmo, you can use bitcoin to buy goods and services. You can also use bitcoin to store value.

How Much is a Bitcoin Worth?

The value of a bitcoin changes over time. As of February 2, 2018, one bitcoin was worth approximately $11,000.