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What is Bitcoin?

  • Updated

Bitcoin is a type of digital currency that you may hear being described as a 'cryptocurrency'. As bitcoin is a digital currency there is no such thing as a physical bitcoin, instead it was designed to be sent via the internet, over a public ledger called the blockchain. 

Bitcoin is the first global, decentralised, peer-to-peer payment network and was created in 2009 by an unknown developer (or group of developers) who went by the name Satoshi Nakamoto.

As Bitcoin is decentralised it is controlled by no single authority (like a bank), instead it's open source software means anyone can access and make changes to it so, in essence, it is controlled by its users.


Bitcoin wallet addresses

A Bitcoin wallet address is a unique 26-35 digit combination of numbers and letters. An example of what a Bitcoin wallet address may look like is below:


Anyone looking to send you bitcoin can enter your wallet address to do so, and once the transaction is confirmed on the network the funds will be available in your wallet.

Wallet addresses can be displayed in text or QR code format. You can generate and find your CoinCorner receiving wallet address on our Send/Receive page in the Receive tab.


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