Bitcoin is a payment system invented by Satoshi Nakamoto, who published the invention in 2008 and released it as open-source software in 2009.
Bitcoin, a new payment system invented by Satoshi Nakamoto. In 2008 a invention was published and released as Bitcoin. It is an open source software
It is a digital currency that uses peer-to-peer technology to facilate instant payment. There is no intermidiary authority.
There is a concept of block chain where Transactions are verified by network nodes and recorded in a public distributed ledger.
Bitcoin are created through mining process that involves complex number crunching by computers. on every 10 minutes 25 bitcoins are generated, they are divisible to 8 decimal places. These fractions are called satoshis.
Bitcoin as a form of payment for products and services has grown, and merchants have an incentive to accept it because fees are lower than the 2–3% typically imposed by credit card processors.
The European Banking Authority and other sources have warned that bitcoin users are not protected by refund rights or chargebacks. Despite a big increase in the number of merchants accepting bitcoin, the cryptocurrency doesn’t have much momentum in retail transactions.