What is Bitcoin?

Bitcoin is currently the most popular and used digital currency in the cryptocurrency world known as the medium of global transactions. Bitcoin is the first of the decentralized digital currencies because it is the first to operate without a central bank or a single administrator. Bitcoin network is a universal process that takes place directly between users without any intermediate means.

Bitcoin is discovered by an unknown person or group of individuals. The discoverer was named Satoshi Nakamoto. It was released in the open market in 2009. Bitcoin is made through the mining process. It is currently used for exchanging currency, goods and services. According to 2015 statistics, more than 1 lakh traders and sellers have accepted Bitcoin as a medium of payment. A 2016 Cambridge University study on Bitcoin found that between 2.9 million and 5.7 million people used cryptocurrency wallets, with most users using Bitcoin.