What is Bitcoin?
Bitcoin is a form of digital cash also known as cryptocurrency. It is a decentralized digital currency without a central bank or single commissioner. It can be sent and received from user to user using the P2P network without any third party being involved.
Transactions are verified by the network nodes through miners using cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by Satoshi Nakamoto who until this day is unknown. Some believe Satoshi is a single person whilst others believe it is a group of people using the name Satoshi Nakamoto but this is yet to be confirmed. Satoshi Nakamoto released Bitcoin as an open-source software on October 31st 2008 but it didn’t reach the trading market until early 2009.
Bitcoin was invented as a reward for the mining process which involves solving complex mathematical algorithms using cryptography. Bitcoin can then be exchanged for goods, services, other cryptocurrencies and fiat currencies.