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What is Bitcoin?

Bitcoin is the first decentralized peer-to-per digital payment network system that is powered by community without any help of central authority or middlemen. It is a new revolution in the form of Digital Money on Internet. The acceptance of Bitcoin is increasing day by day as a digital crypto currency. Bitcoin can also be seen as the most prominent digital bookkeeping system in existence.

Bitcoin is a form of digital currency and a worldwide payment system. Unlike traditional currency, such as minted coins or printed bills, bitcoin is created and held electronically. And unlike traditional currency that is controlled by a central bank, no single entity controls bitcoin and, by extension, no single authority can manipulate the value or destabilize the network. Bitcoin is exchanged electronically by users via cryptographic addresses. Third-party sites, called exchanges, help facilitate these transactions. Bitcoin can be divided into smaller units known as “satoshis” (up to 8 decimal places) and used for payments, but it’s also considered a store of value like gold. This is because the price of a single bitcoin has increased considerably since its inception – from less than a cent to 64 of thousands of dollars. When discussed as a market asset, bitcoin is represented by the ticker symbol BTC.  Bitcoin Terminology

Who Created Bitcoin?

The answer is, the identity of the person or persons who created the technology is still a mystery. The concept of "cryptocurrency", which was first described in 1988 by Wei Dai on the cypherpunks mailing list, suggested the idea of a new form of money that uses cryptograpgy to control its creation and transactions rather than a central authority.

In 2009 a anonym person named Satoshi Nakamoto published the first Bitcoin specification and proof of concept in a cryptography mailing list. This published document is called "Bitcoin Whitepaper". In this Whitepaper he explained the basics of Bitcoin and its working fundamentals. In 2010 Satoshi left the project without revealing much about himself. Since then the community is growing exponentially and many developers are working on Bitcoin project.

So far, Hal Finney, Dorian S. Nakamoto, Craig Wright, and Nick Szabo, among others, have been considered possible candidates. As an homage to bitcoin’s purported creator, a satoshi is the smallest divisible amount within one bitcoin, representing 0.00000001 bitcoin or one hundred millionth of a bitcoin.

Cryptocurrency for beginners

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