What is Bitcoin?

Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator.  The network is peer-to-peer and transactions take place between users directly, without an intermediary.  These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.

Get a longer expanation from this 2009 episode of Security Now.

Other Cryptocurrencies

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