Bitcoin is a cryptocurrency, a form of electronic cash. It is the first decentralized digital currency: the system was designed to work without a central bank or single administrator.
Many economists and investors consider the bitcoin market to be a bubble. Bitcoin has also been criticized for its use in illegal transactions, its high electricity consumption, price volatility, and thefts from exchanges.
Bitcoins are sent from user to user on the peer-to-peer bitcoin network directly, without the need for intermediaries, though most transactions are made through a cryptocurrency exchange market. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto and released as open-source software in 2009.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Source
Plagiarism is the copying & pasting of others work without giving credit to the original author or artist. Plagiarized posts are considered spam.
Spam is discouraged by the community, and may result in action from the cheetah bot.
More information and tips on sharing content.
If you believe this comment is in error, please contact us in #disputes on Discord
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Well explained
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations @shanks1! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard:
SteemitBoard World Cup Contest - Final results coming soon
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit