Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency.
Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services in legal or black markets.
As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
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Basic Facts about Bitcoin
Bitcoin can seem complicated if you are trying to understand the concept behind the whole idea of online currency transactions. However, things may appear difficult only if you do not know what to look for and what it takes for Bitcoin transactions that may not feature in most other conventional ones. If you are having problems trying to understand the whole concept, do not worry, here are some of the basics.
As much as the whole idea of Bitcoin is based on online transactions, it can be viewed from a physical transaction perspective for a better understanding. Look at it this way; you are sharing something with someone, this could be money, fruit, books, you name them. Then, it is only the two of you. You do not need to involve another person to witness it, nor do you have any concerns over the authentication of the transfer of ownership. The state of property shifts permanently from one person to the other, and the second owner can further transfer the ownership to yet a third owner. Well, Bitcoin operates similarly.
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