Bitcoin offers the promise of lower transaction rates than traditional online payment mechanisms and, unlike government-issued currencies, i...
Bitcoin offers the promise of lower transaction rates than traditional online payment mechanisms and, unlike government-issued currencies, is managed by a decentralization body, Bitcoin is a type of cryptocurrency.
All Bitcoin transactions are checked by a huge amount of computing power. Bitcoin is not issued or backed by any bank or government, nor is it an individual bitcoins valuable as a commodity. While not legal tender in most parts of the world, bitcoin is very popular and has triggered the release of hundreds of other cryptocurrencies, collectively known as altcoins. Bitcoin is commonly abbreviated as "BTC".
MOST IMPORTANT TIPS
- Bitcoin, introduced in 2009, is the largest cryptocurrency in the world by market capitulation.
- Unlike custodian currency, Bitcoin is created, distributed, traded, and stored using a decentralized accounting system known as the blockchain.
- Bitcoin's history as a store of value has been turbulent; it went through several boom-and-bust cycles through its relatively short period of life.
- As the first virtual currency to achieve universal popularity and success, Bitcoin inspired many other cryptocurrencies in its awakening.
