What is Bitcoin

 

What is Bitcoin?

• Bitcoin is a digital asset and a payment system. It is commonly called a decentralized digital currency.
• It was invented by Satoshi Nakamoto in 2009.
• It is an open source software. This means, that no person, company or country owns this network just like no one owns the Internet.
• The system is peer-to-peer, that is, users can transact directly without an intermediary like a bank, a credit card company or a clearing house.
• Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain. To know what is blockchain,

Bitcoin Mining

• Just like anyone can join the Internet, anyone can help to verify and record payments into the block chain. This process is called mining.
• In mining, users offer their computing power.
• Miners are rewarded with newly created bitcoins and transaction fees.
• Currently, miners receive 12.5 bitcoins every 10 minutes. This halves every 4 years. The next halving will happen in mid-2020.