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
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
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.
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