What is Bitcoin?
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Bitcoin was the first cryptocurrency and is the most wide known. It is sometimes considered as “digital gold” or the “gold” for the internet era.
Real World Example
Bitcoin is viewed as being both a great store of value and also as a decentralised peer-to-peer payment system capable of disrupting current centralised banking infrastructure. Bitcoin is accepted in many notable online and e-commerce stores, from Dell to Microsoft. Bitcoin can also be used on the local Irish delivery site Marvin.ie, to pay for your online takeaway delivery.
Bitcoin was the first ever digital currency and peer to peer payment system that is not tied to any single entity or government.
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