What is Bitcoin?
Bitcoin is a digital currency created in January 2009. It follows the ideas put in the papers by the mysterious and fake Satoshi Nakamoto.1 The identity of the person or people who created the technology remains a mystery. Bitcoin offers a lower transaction fee than traditional online payment systems and, unlike government funds, is used by a lower authority.
Bitcoin is a form of cryptocurrency. There is no visible bitcoin, only ratings kept in the public ledger that everyone has clear access to. All bitcoin transactions are guaranteed by a large amount of computer power. Bitcoin is not issued or sponsored by any banks or governments,
and each bitcoin is not as valuable as assets. Although not a legal tender in many parts of the world, bitcoin is very popular and has led to the introduction of hundreds of other cryptocurrensets, collectively called altcoins. Bitcoin is often abbreviated as “BTC.”
Launched in 2009, bitcoin is the largest cryptocurrency in the world with market capitalization.
- Unlike fiat money, bitcoin is built, distributed, sold, and stored using a legitimate platform system, known as a blockchain.
The history of Bitcoin as a value store has been confusing; has gone through several cycles of explosion and life in the shortest period of its life.
As the first significant currency to meet the popularity and widespread success, bitcoin has inspired a host of other cryptocurrencies behind it.