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.
Transactions are verified by network nodes through cryptography. Recorded in a public distributed ledger called a blockchain.
Bitcoin was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its source code was released as open-source software.1 Bitcoins are created as a reward for a process known as mining.
They can be exchanged for other currencies, products, and services. Research produced by the University of Cambridge estimates that in 2017. There were 3.2 to 5.8 million unique users using a cryptocurrency wallet. Most of them using bitcoin.
Bitcoin has been criticized for its use in illegal transactions. It’s high electricity consumption, price volatility thefts from exchanges, Some economists,
including several Nobel laureates, have characterized it as a speculative bubble. Bitcoin has also been used as an investment. Although several regulatory agencies have issued investor alerts about bitcoin.
The unit of account of the bitcoin system is a bitcoin. Ticker symbols used to represent bitcoin are BTC and XBT. Its Unicode character is Small amounts of bitcoin used as alternative units are millibitcoin and satoshi. Named in homage to bitcoin’s creator.
A satoshi is the smallest amount within bitcoin representing 0.00000001 bitcoins. One hundred millionth of a bitcoin. A millibitcoin equals 0.001 bitcoins; one-thousandth of a bitcoin or 100,000 satoshis.