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Austin Evans: What is Bitcoin?

December 20, 2017
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Austin Evans: What is Bitcoin?

A quick guide on the Bitcoin blockchain and how to buy BTC with a wallet.

How to mine cryptocurrency: https://www.youtube.com/watch?v=U9JIa… Coinbase: https://www.coinbase.com/ Subscribe! http://www.youtube.com/austinevans Instagram: http://instagram.com/austinnotduncan Twitter: http://twitter.com/austinnotduncan Facebook: https://www.facebook.com/austinnotduncan

What is bitcoin?

Bitcoin is a cryptocurrency and worldwide payment system.[8]:3 It is the first decentralized digital currency, as the system works without a central bank or single administrator.[8]:1[9] The network is peer-to-peer and transactions take place between users directly through the use of cryptography, without an intermediary.[8]:4 These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto[10] and released as open-source software in 2009.[11]

Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies,[12] products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.[13] Research produced by the University of Cambridge estimates that in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.[14]

cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.[1][2][3] Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.

Bitcoin, created in 2009, was the first decentralized cryptocurrency.[4] Since then, numerous cryptocurrencies have been created.[5] These are frequently called altcoins, as a blend of bitcoin alternative.[6][7][8] Bitcoin and its derivatives use decentralized control[9] as opposed to centralized electronic money/central banking systems.[10] The decentralized control is related to the use of bitcoin’s blockchain transaction database in the role of a distributed ledger.[11]

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