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What is Bitcoin?

Bitcoin is a peer-to-peer electronic cash system. It is a consensus network that enables a new type of payment method and a completely digital form of money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or intermediator.

 Bitcoin requires no central servers or third-party clearing houses to settle transactions – all payments are peer-to-peer (P2P) and are settled in about 10 minutes – unlike credit card payments, which can take weeks or months before they’re finally settled.

All Bitcoin transactions are recorded permanently on a distributed ledger called the “blockchain” – this ledger is shared between all full Bitcoin “miners” and “nodes” around the world, and is publicly-viewable. These miners and nodes verify transactions and keep the network secure. 

The Bitcoin protocol is  hard-limited to 21 million bitcoins, meaning that no more than that can ever be created. This means that no central bank, individual or government can come along and simply ‘print’ more bitcoins when it suits them. In this sense Bitcoin is a deflationary currency, and as such is likely to grow in value based on this property alone.

Initially Bitcoin was developed by Satoshi Nakamoto as a part of  software. Therefore, anyone can run it on their computer and participate in the global economy.


All information about transactions is given here: https://www.blockchain.info

Technical documentation: https://bitcoin.org/bitcoin.pdf
Website:
https://bitcoin.org/ru/

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