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What is Bitcoin
Bitcoin is a form of digital currency, created and held electronically.
No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by
people,
and increasingly businesses, running computers all around the world, using software
that solves mathematical problems.
It’s the first example of a growing category of money known as cryptocurrency.
What makes it different from normal currencies? Bitcoin can be used to buy things
electronically.
In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.
However, bitcoin’s most important characteristic, and the thing that makes it different
to conventional money,
is that it is decentralised. No single institution controls the bitcoin network. This puts
some people at ease,
because it means that a large bank can’t control their money.
Who created it?A software developer called Satoshi Nakamoto proposed bitcoin, which
was an electronic
payment system based on mathematical proof. The idea was to produce a currency
independent of any central authority,
transferable electronically, more or less instantly, with very low transaction fees.