Bitcoin is a digital currency that was created in 2009. It is considered by many to be a revolutionary new payment system.
Bitcoin is a decentralized peer-to-peer payment system, which means it doesn’t have a central bank or authority. Bitcoins are mined by computers, and transactions occur between users without the need for third parties. Transactions are verified by the network of computers, and transactions are recorded on a public ledger called the block chain.
Bitcoin has no central issuer, and there is no government regulation. Bitcoins are not legal tender in any country. The value of bitcoins fluctuates with supply and demand, but there is no inflation.
Bitcoin has been criticized as being too volatile, because it has experienced rapid price fluctuations over the past few years. It’s also been criticized for being too slow, since transactions take up to ten minutes to confirm.
There are currently 2,000,000 bitcoins in existence, and they are issued at a rate of 50 bitcoins per 10 minutes. When bitcoins are used to buy goods or services, the seller gets paid in bitcoins, and the buyer gets paid in bitcoins.
Bitcoin is the first decentralized digital currency, which means it doesn’t require an intermediary like a bank or credit card company. There is no need for a third party to facilitate the transfer of funds.
Bitcoin is a virtual currency, and it is not backed by anything tangible, like gold. Bitcoin can be used to buy products and services, and it can be exchanged for other currencies.
Bitcoin is the world’s first digital currency, and it is a form of money that is stored electronically.
Bitcoin has been compared to gold in that both are scarce, and both have intrinsic value. Bitcoin is also a store of value, since its value is based on its scarcity. Bitcoin is not a fiat currency, which means it is not backed by a government.
Bitcoin is considered to be a commodity, and it has some characteristics of a commodity. Bitcoin is divisible into 100 million units, so it can be used to purchase smaller amounts of goods and services. Bitcoin can be converted into cash, and it can be traded for other currencies.
A number of companies accept bitcoin as a form of payment, including Overstock.com, Dell, Expedia, and Virgin Galactic. A number of online merchants accept bitcoins as payment, including Newegg, TigerDirect, and Zazzle.