What do you need to know about bitcoin?

Here's what you need to know. What is bitcoin? Bitcoin is a cryptocurrency created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are anonymous and are made with no brokers or intermediaries.

Is there a physical version of bitcoin?

It’s been used as a medium of exchange, a store of value, and a unit of account—which are all properties of money. Meanwhile, it only exists digitally; there is no physical version of it. Who created Bitcoin? To really grasp how bitcoin works, it helps to start at the beginning.

What is Bitcoin (BTC) and how does it work?

By original design, Bitcoin was built to be an electronic cash system. In other words, it was designed to be used for both big and small global payments—day in, day out. However, when the original digital currency, which is now commonly called Bitcoin (BTC), became more popular in 2017, it struggled to meet the demands of a global currency.

What is bitcoin blockchain and how does it work?

Every transaction involving Bitcoin is tracked on the blockchain, which is similar to a bank’s ledger, or log of customers’ funds going in and out of the bank. In simple terms, it’s a record of every transaction ever made using bitcoin. Unlike a bank’s ledger, the Bitcoin blockchain is distributed across the entire network.