Bitcoin is a cryptocurrency and payment system that works all over the world. Bitcoin is decentralized and independent, independent of a specific bank or state. It is a so-called peer-to-peer payment system based on the blockchain. The network verifies each transaction using computers and mathematical equations. Keep reading to explore what is Bitcoin.
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In 2008, a document was published online (a so-called technical white paper). The document contained an explanation about the concept of cryptocurrency and how Bitcoin works. The script was titled Bitcoin: A Peer-to-Peer Electronic Cash System, signed with the alias of Satoshi Nakamoto. Bitcoin was launched year after with open source.
To buy Bitcoin, you need a digital wallet (a so-called wallet). It is the wallet that keeps track of all transactions and that generates new addresses. Your digital currency is never really in a physical wallet. The digital wallet only reflects the information already stored in the blockchain. Each digital wallet has a public key that is combined with the secret, private key, which allows you to send cryptocurrency to anyone you want. Each cryptocurrency has wallets designed for that specific currency, but many companies have created wallets that can handle multiple cryptocurrencies at once. Read more about the wallet address here.