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What is a Bitcoin?


Bitcoin was invented as a peer-to-peer system for online payments that does not require a trusted central authority. Since its inception in 2008, Bitcoin has grown into a technology, a currency, an investment vehicle, and a community of users. Since anything digital can be copied over and over again, the hard part about implementing a digital payment system is making sure that nobody spends the same money more than once. Traditionally, this is done by having a trusted central authority like banks and other financial institutions that verifies all of the transactions. The core innovation that makes Bitcoin special is that it a massive peer-to-peer network which verifies each transaction and this results in a system where payments are non-reversible, accounts cannot be frozen, and transaction fees are much lower. As we mentioned above, there is no central person or central authority in charge of Bitcoin.

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