EconomyWeb & Technology

What is Bitcoin?

Do you find yourself asking “What is Bitcoin?” Worry not, this is the article for you.

At it’s simplest, Bitcoin is a form of virtual currency, created in 2009 by a mysterious computer genius. You can make transactions by cheque, digitally, or even in old fashioned cash. You can also use Bitcoin with your signature, which is a long line of security code encrypted with 16 distinct symbols. Essentially, Bitcoin (and all cryptocurrency) is an exchange of digital information instead of money. Bitcoin is especially trusted because it runs on a peer-to-peer computer network like Skype or BitTorrent, a file-sharing system.

All the Bitcoin funds are locked in a public key cryptography system. Only the owner of the private key can send cryptocurrency. Strong cryptography makes it impossible to hack. Your Bitcoin is more secure than Fort Knox, provided you are careful. One major downside is, once you send money, it is gone. Transactions are irreversible.

Transactions are fast, almost immediate. As long as you have an internet connection, it doesn‘t matter where you or the recipient are in the world. It will get there, fast.

What is Bitcoin? Simply put, it’s a fast, secure method of stock trading. On January 5, 2018, Bitcoin was worth $14,953.99 (£11,016.84) just after 8am. The total value of all Bitcoin in existence is now more than £112billion.