Bitcoin is a virtual money. Anyone can send or receive any amount of money with anyone else, anywhere on the planet, conveniently and without restriction. All users have a wallet with a unique ID, secured by their own passwords, a private key and other ways of authentication. When an amount of bitcoin is transferred, this transaction is double checked by a network of computers. This is called the blockchain. Without the blockchain their would be no Bitcoin. These computers are mining, which is another word for solving mathematical problems. Their reward is paid out in bitcoin itself. The maximum amount of Bitcoin that can be mined, is 21 million BTC. Currently the total amount is 16.7 million, and you can stay updated on Blockchain.info.
- Decentralized money transfer
- Not linked to names, but transfers and amounts are traceable
- Considered as ‘Gold’ among the thousands of other cryptocurrencies
- Transaction feeds are most of the time a few dollars, but depends on load on blockchain
- The Bitcoin network is considered a bit slow, confirming a regular transfer in 30~45 minutes most of the time.