What is Bitcoin?

What is Bitcoin?

What is Bitcoin?

Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.

Bitcoin can be used to buy things electronically. It’s like conventional dollars, euros, or yen, which are also traded digitally.

Bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.

Who Created Bitcoin?

Satoshi Nakamoto is the name used by the unknown person or people who designed Bitcoin. They/he was also responsible for the first Blockchain Database.

Bitcoin whitepaper was published in October 2008. January 2009 the first Bitcoin Software called Bitcoins was launched.

Who Prints Bitcoin?

No one. This currency isn’t physically printed by a central bank. Central banks can simply produce more money to cover the national debt, thus devaluing their currency.

Bitcoin is created digitally, by a community of people that anyone can join. Bitcoins are ‘mined’, using computing power in a distributed network.

This network processes transactions made with the virtual currency, effectively making bitcoin its own payment network.

What is the Bitcoin Market Cap?

The bitcoin protocol set a rule of clearly – 21 million bitcoins can ever be created by miners. However, these coins can be divided into smaller parts (the smallest divisible amount is one hundred millionth of a bitcoin and is called a ‘Satoshi’, after Satoshi Nakamoto.

 

Download Bitcoin Whitepaper here….

Visit Bitcoin.org