What is Bitcoin?

Bitcoin is a distributed decentralised peer to peer payment system that allows users to securely transfer money to anyone anywhere in the world in very little time, with low fees at without using a bank or 3rd party. Many also consider Bitcoin as a store of wealth due to the huge rise in price per Bitcoin resulting from the limited supply of only 21 million coins and increasing demand. Bitcoin and its underlying technology the Blockchain are revolutionary in that it has created a level playing field with exciting benefits for business owners, developing countries, emerging markets and humanity in general that is set to change much more than just banking.
 
Created in 2009 by Satoshi Nakamoto the exact motivation for creating Bitcoin remains a mystery as does his identity making Bitcoin even more interesting and mysterious. Due to its clever design in cryptography and nature of being decentralised no user including Satoshi himself has control of the network.
Key Features
  • Limited supply of only 21,000,000 bitcoins ever produced
  • There are 100,000,000 units that make one bitcoin these units are called a satoshi
  • Bitcoin can be broken down to 8 decimal places 0.00000001
  • Every 4 years the amount of bitcoin produced by the network halves, slowing down the supply
  • The bitcoin network is free and has no central point of failure
  • You do not need a third party like a bank to use bitcoin
  • Counterfeit resilient, the network does not allow double spending
  • Inflation proof with the total amount of bitcoin never exceeding 21,000,000
  • Bitcoin is a global, free, borderless medium of exchange

Bitcoin Block Reward Halving Countdown

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