What is Bitcoin?

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  • Bitcoin is a decentralized digital asset & a payment system invented by Satoshi Nakamoto, a pseudonymous software developer(or a group of software developers going by that name) in 2009.
  • It utilizes a peer to peer protocol wherein users can transact directly without any financial intermediary – bank or a credit card company.
  • The system is open source, which essentially means that no individual entity – person, country or company owns it.
  • All the transactions are verified by network nodes & recorded in a public distributed ledger.
  • New Bitcoins are mined every hour and will continue to be mined at a progressively diminishing rate until a maximum of 21Mn is reached

koincurrent Author



    (August 8, 2018 - 9:09 am)

    Home run! Great slugnigg with that answer!

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