Bitcoin Inform your Self

Bitcoin Overview

What is Bitcoin?

Bitcoin as a cryptocurrency or digital currency. Bitcoin is a payment system introduced as open-source software in 2009 by developer Satoshi Nakamoto. The payments in the system are recorded in a public ledger using its own unit of account, which is also called bitcoin. Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency.

Who created Bitcoin?

Bitcoin software in 2009 by developer Satoshi Nakamoto. Later Bitcoin as become introduced as open-source software. Bitcoin is cryptocurrency or digital currency. The payments in the system are recorded in a public ledger using its own unit of account called bitcoins. Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. Called mining

Who controls the Bitcoin network?

Bitcoin is open source software and installed in thousands of PC's network much like no one owns the technology. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.

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