The Complete Beginner's Guide to Understanding Bitcoin and Cryptocurrency

in #gjdkhls • last year

Bitcoin and cryptocurrencies are very trendy right now. But what exactly is Bitcoin? And why should we care?

Bitcoin is a digital currency created in 2009 by an unknown programmer or group of programmers named Satoshi Nakamoto. Bitcoin is not controlled by banks or governments, so it can be used for payments anywhere in the world without going through a bank or credit card company.

The idea behind Bitcoin is that it can be used as a means of payment for goods and services much like cash is used today. However, unlike cash, which has no limit on the number of units that can be printed, Bitcoin has only 21 million units.

Each bitcoin is made up of thousands of very small pieces called satoshis (or sats). Each Satoshi represents 0.00000001 Bitcoin, so 1 Satoshi is worth 0.00000001 BTC (ticker symbol BTC). When you buy or sell bitcoin, you are actually buying or selling fractions of Satoshi called fractional bitcoins.

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