Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency – the system works without a central repository or single administrator.
- 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. To know what is blockchain, click here.
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