What Is Bitcoin? (Part 1)
Bitcoin is shortly, an innovative payment network and a new kind of money.
Bitcoin, launched in 2009, was the first of a new kind of asset called cryptocurrency, a decentralized form of digital cash that eliminates the need for traditional intermediaries like banks and governments to make financial transactions.
Bitcoin is powered through a combination of peer-to-peer technology, a network of people, much like the volunteer editors who create Wikipedia and software-driven cryptography, the science and technology of passing secret information that can only be read by the sender and receiver. This helps to create a currency backed by code rather than items of physical value, like gold or silver, or by trust in central authorities like the U.S. dollar or Euro.
So to summary bitcoin, its digital, its decentralised and one of the most important factor is, its limited. There is only, 21 million Bitcoin. Not a single more. No one can create more than 21 million Bitcoin. And since some people lose their bitcoin wallet, make a false transaction etc. There are less and less bitcoin every single day.