Let’s share what is Bitcoin.
What is Bitcoin?
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Let’s share what is Bitcoin.
Angel Berniz
Here is my answer 🙂
Its cryptocurrency.
Bitcoin is one of the many cryptocurrencies which is made possible using blockchain technology. Blockchain was established by “Satoshi Nakamoto,” on 3 January 2009. Bitcoin is a decentralized currency which is more dependent on demand and supply as opposed to other money currencies which are affected by economic and political factors. This cryptocurrency is monitored using the public distributed ledger (blockchain) and it can be sent and received using a bitcoin wallet which does not require any third party involved. Bitcoin can also be received by using a high-performance computer to mine bitcoin which includes solving a computational problem in order to receive bitcoins, this, however, the costs are high considering the equipment that needs to be bought and electricity that needs to be used.
Alhimik
Bitcoin is a cryptocurrency, a form of electronic cash. Bitcoin uses peer-to-peer technology to operate with no central authority or banks. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer Bitcoin network without the need for intermediaries. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part.
Tarek Mahran
Bitcoin is a cryptocurrency and the first implementation of Blockchain technology by Satoshi Nakamato to overcome the challenges exist in current banking system
Tarek Mahran
Blockchain is a technology used to transfer digital assets (ownership or value) from on entity to another using distributed secure ledger without any third party
SatoshiConomy
Bitcoin is a peer-to-peer electronic cash system. Its genesis was on the internet on Jan. 3, 2009.
Its creator(s), known as “Satoshi Nakamoto,” invented Blockchain Technology, which is an internet protocol upon which Bitcoin resides -giving it its life on the internet.
As such, access to its economy is via internet, requires no permission, is asset-based, void of debt instruments, enables global P2P transactions for no or low cost, and is practically instantaneous.
The control of its currency is decentralized to all its participants effectively through their free market participation in its economy. And Bitcoin employs a globally distibuted, transparent, open-ledger which records and verifies and securitizes all transactions irreversably.
Bitcoin follows a mathematical algorithm which paces and limits the issuance of its coins to 21,000,000 BTC, which perfects in the year 2140.
Bitcoin is the internet of money, globally available, has no office or owners, is transparent, and most importantly -provides economic transactions without third parties.
junogogogo
It’s cryptocurrency but not real currency with value. The “value” it has right now is based on the belief of the technology that will be used widely.
DChristopherMatt
Bitcoin is a P2P payment system on the blockchain technology network. It allows the transfer of money in a secure way between two individuals using smart property concepts. Smart property concepts allow the transfer of property, in this case money, that gives the end users of the coin the ability to transfer control of the ownership of money between users.
Nadim Atallah
Bitcoin is a Cryptocurrency that is decentralized. It uses peer-to-peer payments network without the need of a central authority. Transactions are recorded in a public ledger called Blockchain which creates distributed consensus rendering it a self-auditing ecosystem.
CryptoDony
Bitcoin is a cryptographic money, stored value and a payment system basically. Bitcoin is the first “cryptocurrency” created like a technical proof of concept create in 2009 by a misterious pseudonimous called Satoshi Nakamoto.
Technically bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.
Bitcoin uses a descentralized ledger technology called the Blockchain. This ledger contains every transaction ever processed and using the computer power to verify the validity of each transaction. The authenticity of each transaction is protected by cryptographically digital signatures corresponding to the sending addresses, allowing all users to have full control over sending and receiving bitcoins from their own Bitcoin addresses.
Anyone can process transactions using the computing power of specialized hardware today and earn a reward in bitcoins for this service. This is often called “mining”.
Bitcoin is the first real indepent money of governments, companies or private groups like banks, being safe, for any possible use and worldwilde available for anyone.
QAF
Bitcoin is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part.
yosoyvato
In short – being a cryptocurrency, it’s a high-risk but possibly high-reward mechanism to investing.
satish p dixit
Bitcoin is a digital currency that was created in January 2009
Bitcoin is a type of cryptocurrency. It is currency popular among criminal world
It is not dealt by any of the bank
It works in network manner and independent of Central Bank.
Vijay Kumar
What is Bitcoin – it is first materialist outcome of Blockchain technology. it gave us new technology which is trustless n decentralized means not dependent on any central authority.
Mihiretu Gezahagn
Bitcoin is a cryptocurrency created in 2009. Marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. It is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks. Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games.
Sandeep gocher
Bitcoin (₿) is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. … Bitcoins are created as a reward for a process known as mining.
Nagesh Setty KS
BitCoin is a type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank.
Shanty Shabu
Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous developer Satoshi Nakamoto, whose true identity has yet to be verified. 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 in the cloud, 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.
SudipSikdar
In Very Short – Bitcoin is a Cryptocurreny
Sameer
Bitcoin is a virtual currency, which is getting common for international trading. It’s becoming popular in dark web now and even local criminal has started transactions in it, like for ransom money, which is difficult to trace. The way, Bitcoin is getting popular in crime world, this is going to be favorite currency for them