OKAY, 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 allows peer-to-peer transactions instantly, worldwide, at no cost or at very low cost.
Bitcoin was invented after decades of research into cryptography by software developer, Satoshi Nakamoto (believed to become a pseudonym), who designed the formula and introduced it in 2009. Their true identity remains a mystery.
This currency is not backed by a tangible commodity (such as gold or silver) ; bitcoins are exchanged online (...)