What is Bitcoin ?
According to WIKIPEDIA – Bitcoin is a payment system introduced as open-source software in 2009 by developer Satoshi Nakamoto. The payments in the system are recorded in a public ledger using its own unit of account, which is also called bitcoin. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency. Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency.
Simply put, bitcoin is a digital currency. No bills to print or coins to mint. It's decentralized -- there's no government, institution (like a bank) or other authority that controls it. Owners are anonymous; instead of using names, tax IDs, or social security numbers, bitcoin
connects buyers and sellers through encryption keys And it isn't issued from the top down like traditional currency; rather, bitcoin is "mined" by powerful computers connected to the internet
connects buyers and sellers through encryption keys And it isn't issued from the top down like traditional currency; rather, bitcoin is "mined" by powerful computers connected to the internet
One Bitcoin has 8 decimal places, the smallest fraction is called a Satoshi. The name derives from the mystical entity to whom the creation of Bitcoin is attributed: Satoshi Nakamoto
Therefore, 1 Bitcoin is equivalent to 100.000.000 (100 million) Satoshi. The image below illustrates this relationship:
If you want to know more then check out the full - Bitcoin Wikipedia article
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