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What is Bitcoin?

Updated: Oct 22, 2020



This can already be considered a decade-old question - What is Bitcoin?


Well for me, Bitcoin is simply a "Digital Currency".


Now I won't elaborate by myself, there are already countless articles out there that answers this question. I will just quote this definition from Investopedia, its site of which I find has the most extensive and properly compiled explanation to Bitcoin:


"Bitcoin is a digital currency created in January 2009 following the housing market crash. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto. The identity of the person or persons who created the technology is still a mystery. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.


There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of hundreds of other virtual currencies collectively referred to as Altcoins."


For the complete content, click on this link.



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