What is Bitcoin?

It's all over the news, and every time you see your friends it's a regular topic of conversation, but what actually is Bitcoin? 

 

Bitcoin is a type of digital currency, you may hear it 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.

 

Check out our video on the subject below:

New to Bitcoin? More useful videos can be found on our YouTube channel, including videos on The Origin of Bitcoin and some Bitcoin Facts.

 

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