BEducates

  What Is Bitcoin? Bitcoin is a spread-out digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious and anonymous person. The identity of the person or persons who created the technology is still an enigma. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms do, and unlike government-issued currencies operated by an unknown authority. Bitcoin is known as a type of cryptocurrency because it uses cryptography to keep it secure. There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to although each record is encrypted. Each Bitcoin is a computer file stored in a 'digital wallet' app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction recorded in a public list is called the blockchain.   Early Timeline of Bitcoin Augest 18, 2008...