What is Bitcoin?

Bitcoin was invented by the unknown person or group of people  under the name Satoshi Nakamoto and released as open source software in 2009. 

Bitcoin is a world-wide cryptocurrency and digital payment system.Bitcoins are created as a reward for a process known as mining.


What is Bitcoin?

  • Bitcoin is a digital asset and a payment system. It is commonly called a decentralized digital currency.
  • It was invented by Satoshi Nakamoto in 2009.
  • It is an open source software. This means, that no person, company or country owns this network just like no one owns the Internet.
  • The system is peer-to-peer, that is, users can transact directly without an intermediary like a bank, a credit card company or a clearing house.
  • Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain.

Bitcoin is a digital currency so it is not same currency like what we kept in our pocket, we can see only on computer screen. It not come directly into our pocket therefore it is called as digital or virtual currency.

Transactions are made with no middle men – meaning, no banks!. There are no transaction fees and no need to give your real name. More merchants are beginning to accept them.

 

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