What is Bitcoin?

Bitcoin is the largest and best known peer-to-peer digital currency or cryptocurrency, meaning it is produced by computer programming rather than governments (like the U.S. dollar) or dug up from the ground (like gold and other precious metals). Bitcoin was created in 2009 by a person or persons using the alias Satoshi Nakamoto. Trying to uncover who’s behind bitcoin has become a game itself spawning many guesses and recently Elon Musk had to refute rumors and state “I Am Not Bitcoin’s Satoshi Nakamoto.”

How does Bitcoin work?

Bitcoin works through the use of a network of computers that operate on blockchain, a technology that verifies and records all the transactions that are made. People can make peer-to-peer transactions with anyone, anywhere in the world and all of it can be done without the need of a bank as Bitcoin is decentralized, meaning no one actually owns it.

What is blockchain?

Blockchain is the public record that holds all the digital currency transactions made, and more. That decentralized technology can secure payments and store money so users can buy merchandise and products anonymously. Those anonymous transactions don’t require a bank, and there are no transactions fees. In fact, you don’t ever need to give your real name as Bitcoins are not subject to any regulation—one reason criminalelements have been drawn to it. But cryptocurrencies are going mainstream, consider