Bitcoin is an innovative payment network and a new kind of money

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.

A rising graph showing the number of Bitcoin transactions per day

The growth of the Bitcoin network

Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual (or group) under the name of Satoshi Nakamoto. The source code is available publicly as an open source project; anybody can look at it and be part of the developmental process.

Bitcoin is changing the way we see money as we speak. It is a decentralized peer-to-peer internet currency making mobile payment easy, very low transaction fees, protects your identity, and it works anywhere all the time with no banking hours.

As of the current design, there will only be 21 million Bitcoin ever created, thus making it a deflationary currency, unlike fiat currencies. Bitcoin uses the SHA-256 hashing algorithm with an average transaction confirmation time of 10 minutes. Miners today are mining Bitcoin using ASIC chip dedicated to only mining Bitcoin, and the hash rate has shot up to peta hashes.

Being the first successful online cryptography currency, Bitcoin has inspired many other cryptocurrencies such as Litecoin, Dogecoin, Ethereum, and so on.

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