OK, so what’s Bitcoin ?
It’s not an actual coin, it’s "cryptocurrency, " an electronic form of payment that is produced ("mined") by lots of people worldwide. It enables peer-to-peer transactions instantly, worldwide, for free or at very low cost.
Bitcoin was invented after decades of research into cryptography by software developer, Satoshi Nakamoto (believed to be a pseudonym), who designed the formula and introduced it in 2009. His true identity remains a secret.
This currency is not backed with a tangible commodity (such as precious metal or silver) ; bitcoins are traded online which (...)