What is bitcoin in simple terms?

Basically, bitcoin is a digital currency that has been created without the intervention of a central bank. While the Federal Reserve is responsible for the US’s monetary system, bitcoin does not have a single person or organisation in charge.

How is bitcoin different from other cryptocurrencies?

Investing in Bitcoin or other cryptocurrencies is different from the fiat (meaning government-issued currency) financial market. These are the key points characterising the cryptocurrency market that Bitcoin operates in: The only asset class that can be traded 24 hours a day, 7 days a week A global market without geographical barriers

Why was bitcoin created?

To understand the reason for this, it is worth looking at why bitcoin was created. In 2008, a person using the pseudonym Satoshi Nakamoto wrote a whitepaper setting out their vision for the cryptocurrency. They imagined a world where people could make electronic payments to one another without using a bank or PayPal.

What are some interesting aspects of bitcoin?

Other interesting aspects of bitcoin (and cryptocurrencies in general) include: Limited supply (which leads to scarcity, likening it to digital gold) Fast settlement (1 hour versus 2 days for wire transfer) Potential to develop applications on it’s system (called smart contracts) Why Are There so Many Different Cryptocurrencies Besides Bitcoin?