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What is bitcoin currency?

What is 'Bitcoin'. Bitcoin is a digital currency created in 2009, Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. Bitcoin offers the promise of lower transaction fees

Subject: Bitcoin - Sub Subject: Bitcoin
Date: 4/29/2019 Status: ACTIVE
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❝What is bitcoin currency?❞ answers. Askme asked first. Total 3 replies.

Askme - 4/29/2019 10:29:32 AM
What is Bitcoin
Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.

There are no physical bitcoins, only balances kept on a public ledger in the cloud, that along with all Bitcoin transactions is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite its not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of other virtual currencies collectively referred to as Altcoins.
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Askme - 4/29/2019 10:30:04 AM
BREAKING DOWN Bitcoin
Bitcoin is a type of cryptocurrency: Balances are kept using public and private keys, which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them. The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. The private key (comparable to an ATM PIN) is meant to be a guarded secret, and only used to authorize Bitcoin transmissions.

Style notes: According to the official Bitcoin Foundation, the word Bitcoin is capitalized in the context of referring to the entity or concept, whereas bitcoin is written in the lower case when referring to a quantity of the currency (e.g. I traded 20 bitcoin) or the units themselves. The plural form can be either bitcoin or bitcoins.
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Askme - 4/29/2019 10:30:18 AM
How Bitcoin Works
Bitcoin is one of the first digital currencies to use peer-to-peer technology to facilitate instant payments. The independent individuals and companies who own the governing computing power and participate in the Bitcoin network, also known as miners, are motivated by rewards (the release of new bitcoin) and transaction fees paid in bitcoin. These miners can be thought of as the decentralized authority enforcing the credibility of the Bitcoin network. New bitcoin is being released to the miners at a fixed, but periodically declining rate, such that the total supply of bitcoins approaches 21 million. One bitcoin is divisible to eight decimal places (100 millionth of one bitcoin), and this smallest unit is referred to as a Satoshi. If necessary, and if the participating miners accept the change, Bitcoin could eventually be made divisible to even more decimal places.

Bitcoin mining is the process through which bitcoins are released to come into circulation. Basically, it involves solving a computationally difficult puzzle to discover a new block, which is added to the blockchain, and receiving a reward in the form of few bitcoins. The block reward was 50 new bitcoins in 2009 it decreases every four years. As more and more bitcoins are created, the difficulty of the mining process that is, the amount of computing power involved increases. The mining difficulty began at 1.0 with Bitcoin's debut back in 2009 at the end of the year, it was only 1.18. As of February 2019, the mining difficulty is over 6.06 billion. Once, an ordinary desktop computer sufficed for the mining process now, to combat the difficulty level, miners must use faster hardware like Application-Specific Integrated Circuits (ASIC), more advanced processing units like Graphic Processing Units (GPUs), etc.
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