Presentation and definition of the crypto-currency Bitcoin (BTC)

Presentation and definition of the crypto-currency Bitcoin (BTC)

  • Name of the crypto-currency : Bitcoin
  • Acronym : BTC / XBT
  • Where to buy Bitcoin ? Coinbase, Binance, Bitbay,
  • Creation Date : January 2009
  • White paper of Bitcoin
  • Website of Bitcoin

The Bitcoin-what it is ?

Definition of Bitcoin

The Bitcoin is the first virtual currency to have been created by Satoshi Nakamoto, triggering a real revolution in the world of financial transactions. The name “Bitcoin” is the contraction of the English words ” bit “, which corresponds to a unit of measurement binary, and “corner” which means ” coin “.

The Bitcoin, the crypto-currency the most common

The issuance of Bitcoin is limited to 21 million units, each divisible up to the eighth decimal place. With a capital of around 200 billion euros, it is now the currency, crypto-the largest on the market and is recognized since 2012 by the European Central Bank as the schema of the virtual currency the most widespread and successful.

How does the Bitcoin ?

This crypto-currency relies on a system of virtual payment peer-to-peer. Each transaction is stored in a public registry secure, the ” blockchain “, and requires no intermediary : this is a decentralized operation, based on a system of nodes. Each new block added to the chain must be checked, secured and recorded : this is called ” blasting “. The users who perform these controls, the miners, are then paid for each new block being recorded.

What are the advantages and disadvantages of Bitcoin ?

The use of Bitcoin allows you to not only get rid of intermediaries in a transaction, but also bank fees. It also makes it possible to transfer simple, quick, secure, and private. However, this virtual currency remains volatile. Even if it has grown strongly since its creation, it is necessary to take into account the risk that it may quickly lose its value.