What is Bitcoin?

by | Feb 27, 2017 | Bitcoin, Blockchain

Bitcoin

What is Bitcoin?

Bitcoin is a form of digital currency. It is not printed like dollars or euros. It is created by people by running software that solves mathematical problems.

How is Bitcoin different from the traditional currency?

Unlike conventional money, bitcoin is decentralized, which means no single institution controls the bitcoin network. And bitcoin can be traded digitally only.

Who developed the idea of Bitcoin?

A software developer named Satoshi Nakamoto (?) proposed Bitcoin. The idea was to create a currency that is independent of any central authority and can be transferred digitally with very low transaction fees.

Who prints Bitcoin?

Bitcoin is not printed. It is a digital currency that can be traded digitally.

Who creates Bitcoin?

A community of people. It is a community that anyone can join. Bitcoins are ‘mined’ using computing power in a distributed network.

Can we create an unlimited number of Bitcoin?

No, we cannot. As per the Bitcoin protocol, 21 million bitcoins can ever be created by miners.

How are Bitcoins created?

Bitcoins are created by running software that solves mathematical problems. The mathematical formula is freely available, and the software is open source. Anyone can look into the formula and the software that creates Bitcoin.

What are the overall features of Bitcoin?

1. It is decentralized. Every machine that creates bitcoins and processes transactions makes up a part of a network. This Bitcoin network is not controlled by any centralized authority.

2. It is easy to set up. Setting up a Bitcoin address takes only a couple of seconds.

3. It is completely transparent. Bitcoins store every detail of every transaction that happened in the …

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Amrita Mitra

Author

Ms. Amrita Mitra is an author, who has authored the books “Cryptography And Public Key Infrastructure“, “Web Application Vulnerabilities And Prevention“, “A Guide To Cyber Security” and “Phishing: Detection, Analysis And Prevention“. She is also the founder of Asigosec Technologies, the company that owns The Security Buddy.

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