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What Is Bitcoin?

What Is Bitcoin?

This is a very interesting question because Bitcoin means different things to different people and interest groups.  The most common term associated with Bitcoin is “cryptocurrency”.  Some call it a “currency” which is not entirely accurate.  Bitcoin is many things to many people.

what is bitcoin

Bitcoin is all of the following:

  • a software protocol
  • decentralized protocol used to assign and transfer value without the need for a trusted third party intermediary
  • Store Of Value
  • Settlement Layer
  • scarce digital asset
  • the first decentralized peer-to-peer payment network powered by its own users without the need for a trusted intermediary
  • created and released into the world in 2009 by an unknown person using the alias Satoshi Nakamoto
  • Wikepedia says the following: It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.[7]

What Is A Bitcoin?

A Bitcoin or a unit of Bitcoin is the output from the process known as mining.  Miners are rewarded for protecting and supporting the network by receiving units of Bitcoin when they complete a block.  This is known as the “block reward”.  The block reward size drops in half every four years and there will only ever be 21 Million total Bitcoins in circulation.

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What Is Bitcoin Used For?

Bitcoin is used for several things.  Many hold it s a Store Of Value to protect against inflation and the loss of purchasing power.  Many use it for speculation.  Many use it to purchase things. ome receive their pay in Bitcoin.


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