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What is Bitcoin? More info on Mbtc Blog


Bitcoin is the first decentralized digital currency. Bitcoins are digital coins you can send through the internet. Compare to other alternatives Bitcoins have a number of advantages: Bitcoins are transferred directly from person to person within the net without going through a bank or a clearing house. This means that the fees are much lower.

With the Bitcoin price so volatile everyone is curious. Bitcoin is extremely complicated and no one definition fully encapsulates it. By analogy it is like being able to send a gold coin via email. It is a consensus network that enables a new payment system and a completely digital money.

It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. Bitcoin was the first practical implementation and is currently the most prominent triple entry bookkeeping system in existence.

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

What is a Satoshi? A Satoshi is the smallest fraction of a Bitcoin that can currently be sent: 0.00000001 BTC. That is, a hundredth of a millionth BTC. The unit has been named "satoshi" in collective homage to the founder Bitcoin, Satoshi Nakamoto.

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