What is Bitcoin?


image of bitcoin

Bitcoin (₿) is a cryptocurrency that is hugely popular nowadays. It was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto.

Bitcoin is a digital decentralized currency, which means no banking institution has any control over it. Its owners are anonymous and the buyers and sellers are connected through encryption keys. Bitcoins are created as a reward for a process called mining and transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain, which is an eternal, openly accessible record of all the transactions that have ever been made. As of 2019, more than 400.000.000 transactions have been made!
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