What is Bitcoin?

So what is Bitcoin? Here is the definition found on the Wikipedia page.

  • Bitcoin is a peer-to-peer payment system and digital currency introduced as open source software in 2009 by pseudonymous developer Satoshi Nakamoto. It is a cryptocurrency, so-called because it uses cryptography to control the creation and transfer of money. Conventionally “Bitcoin” capitalized refers to the technology and network whereas lowercase “bitcoins” refers to the currency itself.¬†Bitcoins are created by a process called mining, in which participants verify and record payments in exchange for transaction fees and newly minted bitcoins. Users send and receive bitcoins using wallet software on a personal computer, mobile device, or a web application. Bitcoins can be obtained by mining or in exchange for products, services, or other currencies.

Here’s a succinct video explaining bitcoin.

Leave a Reply