What's Bitcoin

Bitcoin is the first digital fully decentralized Peer-to-Peer currency.

Bitcoin quotation is based on trust, formed exclusively by supply and demand balance, not tied to any currency or other asset.

Unlike fiat money, Bitcoin has no authority body (central bank or state) which would sought to provide liquidity at a given level, obliged itself and/or others to accept payment in Bitcoins or could artificially reduce its purchasing power by an additional issue.

Bitcoin is electronic cash, not a debt obligation of the issuer, which distinguishes it from traditional electronic cash and non-cash payments.

Bitcoin Mining

  • Bitcoin is a digital asset and a payment system. It is commonly called a decentralized digital currency.
  • It was invented by Satoshi Nakamoto in 2009.
  • It is an open source software. This means, that no person, company or country owns this network just like no one owns the Internet.
  • The system is peer-to-peer, that is, users can transact directly without an intermediary like a bank, a credit card company or a clearing house.
  • Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain.
  • Just like anyone can join the Internet, anyone can help to verify and record payments into the block chain. This process is called mining.
  • In mining, users offer their computing power.
  • Miners are rewarded with newly created bitcoins and transaction fees.
  • Currently, miners receive 12.5 bitcoins every 10 minutes. This halves every 4 years. The next halving will happen in mid-2020.

What is Bitcoin?

Raghuram Rajan’s Comments on Bitcoins in India

Insightful coverage on bitcoin by Zee News

Bitcoin is Legal in Japan Now !