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Wiki | B | Bitcoin


Designed and created by Satoshi Nakamoto, Bitcoin is a very popular and valuable cryptocurrency. It is an open-source software that was released in 2009 with an aim to provide people all over the world with better access to financial services. Unlike printed currency or coins, a Bitcoin is a virtual currency that is stored electronically in cell phones, computer or any other storage media. The value of a bitcoin is not stable and keeps on fluctuating. There is no centralized controlling authority that controls the value. This means that there is no backup from a government or a central bank when you make transactions using bitcoins. Bitcoin is the first-ever decentralized digital currency. A certain number of newly issued bitcoin is rewarded to miners. Bitcoins can be exchanged for other currencies, goods, commodities, and services. To ensure that the value of bitcoins keeps on increasing in future, there is a fixed number of bitcoins that can be supplied in the market. A total of only 21 Million bitcoins can be mined, and thus the pace of creation is finite.

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