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Definition: Bitcoin

Bitcoin is a decentralized digital currency introduced in 2009. These are digital coins you can send to anybody through the internet.

Bitcoins have numerous advantages. Bitcoins are transferred straight from person to person through the net without going to a financial establishment. There are no physical Bitcoins only the balances are on public ledger. This results in lower fees and application in many countries. Bitcoins are accepted by various companies for payment.

Bitcoins are generated over the internet by running a free application called Bitcoin Miner. In the mining process, your computer is used to solve mathematical problems, and for solving the problems you are rewarded with the Bitcoins for a small service fee. One can also exchange Bitcoins for a local currency.

As of October 12, 2014 one Bitcoin is worth around $360. The value of the Bitcoin is set by supply and demand market. The value fluctuates but on a large scale it is increasing over time.


Hence, this concludes the definition of Bitcoin along with its overview.

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