Bitcoin is a digital or virtual currency that uses peer-to-peer technology to facilitate instant payments. Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified.
 | | Term of the Day | Words to Know | | |  | | Bitcoin | Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
There are no physical bitcoins, only balances kept on a public ledger in the cloud, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin charts high on popularity, has triggered the launch of other virtual currencies collectively referred to as Altcoins. | | Read More » | | Altcoin | | Altcoins are alternative cryptocurrencies launched after the success of Bitcoin, and refers to any of the hundreds of cryptocurrencies that exist that are not Bitcoin. | | Read More » | | | | | | CONNECT WITH INVESTOPEDIA | | | | | | | |
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