What is Bitcoin Currency?
Bitcoin is a type of digital currency created and held electronically. It does not exist as paper money, but encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Bitcoin operates independently of a central bank of any country or any central authority of anyone. It is the first wholly decentralized peer-to-peer payment network that is powered by its users with no middleman such as a bank or clearing house. The payment system was invented by Satoshi Nakamoto who introduced the idea on 31 October 2008 to a cryptography mailing list.
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Nakamoto introduced the idea on 31 October 2008 to a cryptography mailing list and released it as open-source software in 2009. Transactions with bitcoin are verified by network nodes and recorded in a public distributed ledger called the blockchain, which uses bitcoin as its unit of account. Since the system works without a central repository or single administrator, the U.S. Treasury categorizes bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed, but bitcoin is more correctly described as the first decentralized digital currency. Bitcoin is the largest of its kind in terms of total market value.
Once you register and join Project 1-9-90 here, you will start earning bitcoins as time goes on. Because of the high value of bitcoins, it is quite expensive to buy it through exchange with other currencies such as US Dollars. But you can acquire bitcoins by joining Project 1-9-90. Bitcoin is the best store of value for your money.
As of today, bitcoin is the currency with the highest value in the world as it currently exchange for about $450 to 1 bitcoin. It is divisible into its one millionth unit which is called a Satoshi. i.e. one millionth bitcoin equals one Satoshi and is the smallest unit of the currency. Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. This activity is called mining and miners are rewarded with transaction fees and newly created bitcoins. Besides being obtained by mining, bitcoins can also be exchanged for other currencies, products, and services. When sending bitcoins, users can pay an optional transaction fee to the miners.
The blockchain is a public ledger that records bitcoin transactions and accomplishes this without any trusted central authority: maintenance of the blockchain is performed by a network of communicating nodes running bitcoin software. Every transactions from payer A sends X bitcoins to payee B are broadcast to this network using readily available software applications.[42] Network nodes can validate transactions, add them to their copy of the ledger, and then broadcast these ledger additions to other nodes. The blockchain serves as a distributed database while each network node stores its own copy of the blockchain
However, there have been several high profile claims to the identity of Satoshi Nakamoto; but none of them have provided proof beyond reasonable doubt that back up their claims. As of now, Satoshi stands unknown to the many users of bitcoins. More information can be obtained on Project 1-9-90 blog
