RATE Group | Flash – Q&A: What is bitcoin?
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Flash – Q&A: What is bitcoin?

23 Oct Flash – Q&A: What is bitcoin?

Posted at 04:45h in Bitcoin News by

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LONDON (AFP) – 

Bitcoin has carved out a name for itself as the world’s most popular cryptocurrency since arriving on the scene ten years ago.

However, the workings of the premier digital cash system remain something of a mystery to the general public.

– What is bitcoin? –

Bitcoin is a decentralised virtual currency created from computer code in the wake of the 2008 global financial crisis.

Unlike a traditional currency such as the dollar, euro or yen, bitcoin has no central bank and is not backed by any government.

Instead, the unit is controlled and regulated by its community of users, who argue that this makes it more efficient than traditional currencies.

There are some 17.3 million bitcoins in circulation, while the total number can never exceed 21 million.

– How does it work? –

Bitcoin uses so-called peer-to-peer blockchain technology to create and trade instantly, across the globe.

A blockchain is an…

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