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What is Bitcoin and Blockchain technology

what is bitcoin

Reviewed by:
On 18/05/2015
Last modified:27/06/2015


What is Bitcoin and Blockchain technology. Review of very popular cryptocurrency Bitcoin.

What is bitcoin

All in the bitcoin community are talking about faucets , mining, trading BUT. Do we really know what the Bitcoin really is, who created

him, when, and what he can really bring to our life ?

In general – What is bitcoin

what is bitcoin

Bitcoin (BTC) is a digital cash currency, whose main and unique feature is its decentralization. It is designed so that no one (its author, owners, governments, banks! …) could not influence, confiscate, control or counterfeit him.

Decentralization means, that there is no central location in the network and no one, who can decide about this currency.

Other features include high speed payments, high reliability, very low fees and irreversibility of payments.


The currency is deflationary and we known in advance the total amount. It’s 21 million BTC (actually 20.999.999,9769 BTC). All Bitcoin will be extracted in 2140 but the majority by 2030.

In September 2012, was created Bitcoin Foundation, which looks after the infrastructure around Bitcoin, tracking threats, improves protocol and ensures the promotion of the currency.

At present some official e-shops accept Bitcoin, in some countries, it became the official virtual currency with the need to tax profits. However, some countries have banned Bitcoin.

Creation – What is bitcoin

Network and currency of Bitcoin described and created 2009 person or group of people under the pseudonym Satoshi Nakamoto. Author”s true identity has never been published and shortly after start of the project he stopped communicate at all. Continue with Bitcoin value – So whats the 1 Bitcoin value

What is Bitcoin and Blockchain technology. Review of very popular cryptocurrency Bitcoin.
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