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Jan 26, 2022 · Bitcoin, introduced in 2008 by an anonymous creator known as Satoshi Nakamoto, is a decentralized, digital currency exchanged through a peer-to-peer network without centralized authorities. It's...
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- What Is Bitcoin Summary
- What Is Money?
- Transitioning to Digital Money
- Centralized Money
- What Is Bitcoin?
- Frequently Asked Questions
- Conclusion
Bitcoin is the first decentralized digital currency. All Bitcoin transactions are documented on a virtual ledger calledthe blockchain, which is accessible for everyone to see. Bitcoin gives you complete control over your money, unlike other assets you own, which are regulated by banks and governments. As Bitcoin gains more popularity, more and more...
Before we talk about Bitcoin, I need to take a moment and talk about money. What is money exactly? At its core, money represents value. If I do some work for you, you give me money in exchange for the value I gave you. I can then use that money to get something of value from someone else in the future. Throughout history, value has taken many forms...
Once fiat money was in place, the move to digital money was pretty simple. We already have a central authority that issues money, so why not make money mostly digital and let that authority keep track of who owns what? Today, we mainly use credit cards, wire transfers, PayPal, and other forms of digital money. The amount of physical money in the wo...
Whenever you give anyone control over the money supply, you’re giving them enormous power, and this creates three major issues:
In October 2008,a document was publishedonline by someone calling themself Satoshi Nakamoto. The document, also called a whitepaper, suggested a way of creating a system for a decentralized currency called Bitcoin. This system claimed to create digital money that solved the double spending problem without the need for a central authority. At its co...
Who accepts Bitcoin?
Today, there are several merchants online and offline that accept Bitcoin. You can order a flight or book a hotel with Bitcoin if you like. There are even Bitcoin debit cards that allow you to pay at almost any store with your Bitcoin balance. However, the road toward acceptance by the majority of the public is still a long one.
How does Bitcoin work?
In a nutshell, Bitcoin works by updating a ledger of transactions (aka the blockchain). Each computer that participates in the Bitcoin network holds a copy of this ledger and verifies every transaction going through it. It’s like we’re keeping tabs on each other, and each new transaction is announced to everyone so they can update their own copy of the ledger. If you want a detailed explanation with examples of how Bitcoin works under the hood, check out my post aboutBitcoin mining.
Why does Bitcoin have value, and how is it determined?
Bitcoin has value simply because people are willing to trade money for it. This means somebody finds it valuable and decides to buy it from someone else. At that exact moment, Bitcoin gained value. Whenever people refer to Bitcoin’s “price,” they are actually referring to the price of the last trade conducted on a specific trading platform (e.g., Bitstamp, Binance, Coinbase). Unlike US dollars, for example, there is no single, global Bitcoin price that everyone follows. For instance, Bitcoin’...
Congratulations, you now know more about Bitcoin than 99% of the people around you! That wasn’t so hard, was it? As you can see, above all, Bitcoin was designed with one thing in mind: To provide you with a secure and private way to gain back control over your money. If you want to dig even deeper into how Bitcoin works, we have additional posts ab...
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Mar 11, 2024 · Bitcoin is a form of digital currency that aims to eliminate the need for central authorities such as banks or governments. Instead, Bitcoin uses blockchain technology to support peer-to-peer...
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Learn the basics of Bitcoin, a decentralized digital currency that uses cryptography to secure transactions and create new coins. Find out how to get started, how to send and receive money, and how mining works.
May 21, 2024 · Bitcoin is a decentralized digital currency that you can buy, sell and exchange directly, without an intermediary like a bank. Bitcoin’s creator, Satoshi Nakamoto, originally described the...
Jul 17, 2024 · Bitcoin (BTC) is a cryptocurrency (a virtual currency) designed to act as money and a form of payment outside the control of any one person, group, or entity. This removes the need for...
Jan 9, 2014 · Still can’t figure out what a bitcoin is? This simple explanation for a five-year-old may help.