Facebook Twitter Instagram
    Coinrevolution
    • Cryptocurrency
      • Crypto Exchanges
        • Binance Review
        • Bitstamp Review
        • Gemini Review
        • Kraken Review
        • Wealthsimple Review
        • Newton Review
      • Price Prediction
        • Akita Inu Price Prediction
        • ANKR Price Prediction
        • Avalanche price prediction
        • BizzCoin Price Prediction
        • Carando Price Prediction
        • Dogecoin price prediction
        • Dogelon Mars Price Prediction
        • Ethereum Price Prediction
        • Gala Price Prediction
        • GRT Price prediction
        • Harmony ONE Price Prediction
        • IoTex Price prediction
        • Loopring Price Prediction
        • NuCypher Price Prediction
        • Polkadot Price Prediction
        • SafeCoin Price Prediction
        • Saitama V2 Price Prediction
        • Shiba Inu Price prediction
        • Siacoin Price Prediction
        • Vechain Price Prediction
        • Xrp price prediction
      • Buy Cryptocurrency UK
        • Best Crypto Exchanges UK
        • Buy Bitcoin UK
          • Best Bitcoin Wallet UK
          • Buy Bitcoin With Credit Card UK
        • Buy DigiByte Coin UK
        • Buy Dogecoin UK
        • Buy Ethereum UK
        • Buy IOTA UK
        • Buy Monero UK
        • Buy Siacoin (SC) UK
        • Buy Stellar Lumens (XLM) UK
        • Buy VeChain (VET) UK
        • Buy XRP UK
      • Buy Cryptocurrency Australia
        • Buy Bitcoin Australia
        • Cryptocurrency Exchanges Australia
        • Best Crypto Wallets Australia
      • Buy Cryptocurrency Canada
        • Buy Bitcoin Canada
        • Crypto Exchanges Canada
        • Crypto Wallets Canada
        • Buy Ripple Canada
      • Buy Cryptocurrency Ireland
        • Buy Bitcoin Ireland
        • Crypto Exchanges Ireland
        • Crypto Wallets Ireland
      • Buy Cryptocurrency South Africa
        • Bitcoin Exchanges South Africa
        • Buy Stocks Ireland
        • Buy Ethereum South Africa
        • Buy Ripple (Xrp) South Africa
      • Crypto Exchanges New Zealand
      • Buy Cryptocurrency UAE
        • Crypto Exchanges UAE
        • Buy Bitcoin UAE
      • Buy Cryptocurrency Singapore
        • Buy Bitcoin Singapore
      • Buy Cryptocurrency Thailand
        • Crypto Exchanges Thailand
        • Buy Bitcoin Thailand
      • Buy Cryptocurrency Qatar
        • Crypto Exchanges Qatar
        • Buy Bitcoin Qatar
      • Buy Cryptocurrency Philippines
        • Cryptocurrency Exchanges Philippines
        • Bitcoin Wallet Philippines
      • Buy Cryptocurrency Saudi Arabia
        • Buy Bitcoin Saudi Arabia
    • investing
      • Best investment platforms UK
      • Best Investment Apps UK
      • Invest In Cryptocurrency Australia
      • Invest In Gold Australia
      • Invest In Silver Australia
      • Invest In Crypto New Zealand
      • Invest and Buy Shares South Africa
      • Invest In Bitcoin Philippines
      • Loans
        • Online Payday Loan Canada
        • Payday Loans Ireland
    • Trading
      • Stock Trading Apps Ireland
      • Trading Apps South Africa
      • Trading Platforms South Africa
      • Forex
        • Free Forex Signals UK
        • Forex Trading For Beginners UK
        • Forex Trading Platforms UK
        • Forex Brokers UAE
        • Forex Trading Saudi Arabia
    • Brokers
      • Brokers UK
        • MetaTrader 4 Brokers UK
        • Crypto Brokers UK
        • Stock Brokers UK
      • Stock Brokers Ireland
      • Brokers Compare
        • Questrade vs. Wealthsimple
        • Betterment vs. TD Ameritrade
    • Trading Software
      • Bitcoin Software A-L
        • Bitcoin Billionaire
        • Bitcoin Circuit
        • Bitcoin Code
        • Bitcoin Compass
        • Bitcoin Equalizer
        • Bitcoin Era
        • Bitcoin Evolution
        • Bitcoin Fast Profit
        • BITCOIN GEMINI
        • Bitcoin Loophole
      • Bitcoin Software M-Z
        • Bitcoin Millionaire
        • Bitcoin Prime
        • Bitcoin Profit
        • BITCOIN SUPERSTAR
        • Bitcoin Trader
        • Bitcoin Up
        • Bitqt
      • Crypto Engine
      • Crypto Genius
      • CryptoSoft
      • Ethereum Code
      • Immediate Edge
      • Oil Profit
      • The News Spy
      • Yuanpay group
      • 1K Daily Profit
    • Contact Us
    Facebook Twitter Instagram
    Coinrevolution
    Home » What is Bitcoin?
    News

    What is Bitcoin?

    adminBy adminOctober 24, 2018No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    What is Bitcoin?

    Bitcoin is a digital token, also known as a cryptocurrency. It’s the first of its kind, and also remains the most valuable and widely-used token. 

    You could say that Bitcoin is the only “real” cryptocurrency, while all other tokens are “altcoins.” 

    In this guide, we’ll go through the basics of Bitcoin.

    Bitcoin definition

    The name Bitcoin covers two things: the token and the protocol. Making, verifying, and recording a Bitcoin transaction requires both. 

    The Bitcoin token

    The token is what most people think of when they hear the word Bitcoin. It’s the piece of code that represents a unit of value.

    The Bitcoin Protocol

    The protocol is a decentralized network of computers. The network is tasked with recording and verifying transactions make with the Bitcoin token.

    what is bitcoin
    What is Bitcoin, who made it, and who controls it?

    Who created Bitcoin?

    Bitcoin was created in 2009 by one or more programmers working under the pseudonym Satoshi Nakamoto.

    Who controls Bitcoin?

    The short answer is that no one. No single person or institution controls the Bitcoin token or protocol. It’s a completely decentralized system with no single authority. Roger Ver owns the Bitcoin.com website, while  Satoshi Nakamoto and Martti Malmi initially ran the Bitcoin.org website.

    How does Bitcoin work?

    You store Bitcoin tokens in a Bitcoin wallet. You can then use your wallet to transfers to other wallets. When you do that, the Bitcoin network verifies the transaction. The verification process ensures that tokens aren’t being used more than once. The system records the transaction once it has been checked. Transaction records are stored in blocks on the blockchain.

    what is bitcoin
    What is Bitcoin and how does it work?

    How is Bitcoin different?

    There are many similarities between Bitcoin and fiat money, like Euros or US Dollars. To the average user, they are just numbers on a screen that represent monetary value. There are also some significant differences, however. Bitcoin is decentralized, comes in limited supply, and transactions happen fast.

    Decentralization

    Computers located all across the globe make up the Bitcoin network. The original intention was not to have a central database or authority. Decentralization protects Bitcoin users from corruption and downtime. If one computer makes a mistake, then the others correct it. If one machine breaks down, then the others pick up the slack.

    Limited supply = no inflation

    Bitcoin has a maximum quantity of 21 million tokens. You can generate tokens through Bitcoin mining until the limit has been reached. The limited supply means there is no possibility for inflation.

    Users can be anonymous

    Bitcoin users can remain relatively unknown if they want to. Anyone can download a Bitcoin wallet without having to give out their personal information. The wallet address is the only identifier. Many cryptocurrency services do require users to verify their identity, however. Governments around the world are also working out cryptocurrency regulations.

    Transactions are permanent

    Bitcoin transactions are irreversible because the blockchain records are permanent. You cannot recall or cancel them like you can with a regular bank transfer.

    It’s fast

    You can make international Bitcoin transactions much faster than international bank transfers. Making a bank transfer from one country to another can take several days. Making a Bitcoin transfer only takes minutes.

    Click to rate this post!
    [Total: 0 Average: 0]
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    admin
    • Website

    Related Posts

    eBay Acquires KnownOrigin And Promotes NFT Offerings

    June 23, 2022

    How to Choose the Best Cryptocurrency to Invest in

    June 22, 2022

    The Supply Of USDT Is Rising On Exchanges Signaling Increased Adoption

    June 22, 2022
    Facebook Twitter Instagram Pinterest
    • Risk Disclaimer
    • About Us
    • Privacy Policy
    • Contact Us
    © 2022 ThemeSphere. Designed by ThemeSphere.

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT
    Go to mobile version