Bitcoin – What Is Bitcoin

Bitcoin – What Is Bitcoin

This post explains about Bitcoin and What Is Bitcoin

In some ways, like Social Media, which has been around for years & is a mystery to some

Bitcoin is exactly the same to many

Bitcoin Explained

It is a  decentralized digital currency

It was invented in 2008 by and unknown person or group of people called Satoshi Nakamoto

The currency began use in 2009 when its implementation was released as open source software

It was created as a reward for a process called mining

If you don’t know or understand the term mining don’t worry for now

All will be explained in another post

Bitcoin can be exchanged for other currencies, products and services

the Currency however is volatile, a bit like shares it can go up and down

Banks

Most banks will try to scare you by saying that they do not accept Bitcoin

They do this because they want to make money out of and from you.

Creation

Bitcoin had its domain name bitcoin.org registered in August 2008

At that point it became known as a A Peer-to-Peer Electronic Cash System

That is the system we all know today

On the 3rd January, the Bitcoin Network was created when Nakamoto mined the Block of the chain

Bitcoin has been used to buy Pizzas in the past

While Pizzas are not the biggest spend, it shows bitcoin can buy tangible things

Black Market Website Silk Road started accepting Bitcoin subsequently processing $214 Million of products.

Bitcoin continues to fluctuate, down and up

Elon Musk has put his weight behind the Coin as well, which made the price go up stacks.

That explains what Bitcoin Currency is

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