What Is Bitcoin

For those who do not know about Bitcoin, it is an electronic currency

– not related or dependent on the currency of any country. Bitcoin (BTC) is a digital currency first described in a 2008 paper by pseudonymous developer Satoshi Nakamoto, who called it an anonymous, peer-to-peer, electronic payments system. It uses the Blockchain Technology.

What makes this Cryptocurrency more volatile is that unlike printed coins and bills, there is no physical entity to back it. For example, in many countries, bills are printed only up to a certain ratio of total exchangeable gold (or any other precious) metal available in that country. The image displayed is just for representation purpose; Bitcoins are not physical.