What is Bitcoin (BTC) ?

Bitcoin is the first implementation of a blockchain. It is a protocol which implements a highly available, public, permanent, and decentralized ledger. It was created in 2008 by a pseudonymous cypherpunk known as Satoshi Nakamoto, who released the white paper in a cryptography mailing list and later open-sourced the software that implements the protocol.

How does Bitcoin work?

Bitcoin is a decentralized digital currency that operates without the need of financial system or government authorities. It utilizes peer-to-peer transfers on a digital network that records all cryptocurrency transactions. This network is powered by the blockchain, an open source code that pairs (or chains) blocks of transaction histories to prevent manipulation.

What are the features of Bitcoin (BTC)?

1. It is limited to 21 million.

2. It is divisible up to eight decimal points. The smallest unit, a satoshi, is equivalent to 0.00000001 bitcoin.

3. It is stored in digital wallets, making it easily transportable.

4. It is not physical, so it cannot be destroyed. However, it can be compromised if the hardware, software or cryptographic key to the corresponding wallet is lost.

5. It is also protected against possible counterfeits by means of blockchain and cryptographic keys.

What are some usecases for Bitcoin?

It is a peer to peer payment method

It can be used as a store of value and a lot of people compare it to digital gold

It can be used for speculation & investment.

Bitcoin is also known to be used as a hedge against inflation.

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