Everyone talks about it, and it’s becoming more mainstream. Bitcoin is both an enigma and a mystery to many, yet they are afraid to admit it.
Bitcoin can be a very confusing and interesting topic that a lot of people have trouble understanding. According to Wikipedia [1]: Bitcoin is a software-based online payment system described by Satoshi Nakamoto in 2008 and introduced as open-source software in 2009.
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Payments are recorded in a public ledger using its own unit of account, which is also called bitcoin. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency.
Media reports often refer to bitcoin as a cryptocurrency or digital currency. The status of bitcoin as a currency is disputed.Bitcoin is the first fully implemented decentralized cryptocurrency; most other cryptocurrencies are similar and derived from it. It is also the largest cryptocurrency in terms of total market value.
That’s all nice… but what does it all mean… in layman’s terms? Watch the video below and in less than three minutes, understand Bitcoin!
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SOURCE
[1] http://en.wikipedia.org/wiki/Bitcoin
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