What Is Bitcoin ?
What Is Bitcoin Bitcoin is a cryptocurrency and worldwide payment system. It is not controlled by any institution or government, but exists as an open-source software. Bitcoin first saw the light of day in 2008 when a person using the name Satoshi Nakamoto published its white paper. Bitcoins are created through a process called mining, where users offer their computing power to verify and confirm transactions on the Bitcoin network. For this service, they are rewarded with bitcoins over time - currently 12.5 bitcoins every 10 minutes. Bitcoins are stored in a digital wallet and can be used for payments, because a person's identity is not attached to the transactions. On the other hand, transactions on the Bitcoin network are only published but not identified. This means people's identities are protected but also that there is no way of tracking payments. It's a bit like sending cash digitally - anonymous and untraceable. A person looking to make a payment on the Internet to...
