What is Bitcoin? Bitcoin is a digital currency created in 2009. It is a digital cryptocurrency made up of blocks of processed data used for online and brick-and-mortar purchases. Bitcoin offers lower transaction fees than traditional online payment mechanisms and is managed by a decentralized authority, unlike government-issued currencies. Because bitcoins are limited and their value is determined by constant forces, bitcoins are also traded like stocks on various exchanges.
Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. There are no physical bitcoins, only balances held in a public ledger in the cloud, which – along with all bitcoin transactions – are verified by massive amounts of computing power.
Who Invented Bitcoin?
Satoshi Nakamoto is the name associated with the person or group of people who released the original Bitcoin white paper in 2008 and worked on the original Bitcoin software released in 2009.
How does Bitcoin work?
Bitcoin works on blockchain technology. Blockchain is a shared public ledger that the entire Bitcoin network relies on. Any verified transactions are added to the blockchains. When any user initiates a new transaction, the transaction is verified using blockchains.
Once you own bitcoins, they have value and can be traded. You can use your bitcoins to buy goods and services online, or you can put them away and hope they grow in value over the years.
Disclaimer: All efforts have been made to ensure that the information provided here is accurate. However, no guarantees are made as to the accuracy of the data. Please verify with the scheme information document before making any investment.