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Written by: Michael Peterson
Release date: 1/19/2018
Duration: 29 mins
Genre: business, personal finance & investing
Okay, so what’s Bitcoin?
It’s not an actual coin, it’s “cryptocurrency”, a digital form of payment that is produced (“mined”) by lots of people worldwide. It allows for peer-to-peer transactions instantly worldwide, for free or at very low cost.
Bitcoin was invented after decades of research into cryptography by software developer Satoshi Nakamoto (believed to be a pseudonym), who designed the alogorithm and introduced it in 2009. His true identity remains a mystery.
How does Bitcoin work?
Internet users transfer digital assets (bits) to each other on a network. There is no Online bank; rather, Bitcoin has been described as an Internet-wide distributed ledger. Users buy Bitcoin with cash or by selling a product or service for Bitcoin. Bitcoin wallets store and use this digital currency. Users may sell out of this virtual ledger by trading their Bitcoin to someone else who wants in.
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