You have probably already heard about Bitcoin, the cool virtual currency your wannabe investor friend said he’s buying and soon becoming a millionaire. The price of Bitcoin in last months soared to as much as $20,000 before falling back to about $10,000. It’s volatility caused a lot of speculative investment and regulation from several countries around the world. But what is Bitcoin?
Bitcoin is a cryptocurrency. A crypto-currency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptography or cryptology is the practice and study of techniques for secure communication in the presence of third parties called adversaries.
Bitcoin is the first worldwide payment system and digital currency that works without a central bank or single administrator. So, it eliminates middlemen who take commission for transactions. This explains why Bitcoin money transfers are much cheaper than conventional ones.
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Now, several online stores, charities and organization accept Bitcoin as a form of payment. It was invented by an anonymous user, Satoshi Nakomoto who was also nominated for a noble prize in economic sciences. To learn more about Bitcoin, here are 65 facts you need to know;