Bitcoin, the first cryptocurrency, is a decentralized form of digital cash that eliminates the need for traditional intermediaries like banks and governments to make financial transactions.
#Bitcoin - Digital money that's instant, private, border-less and free from bank fees.
Bitcoin, launched in 2009, was the first of a new kind of asset called cryptocurrency, a decentralized form of digital cash that eliminates the need for traditional intermediaries like banks and governments to make financial transactions.
Instead, bitcoin is powered through a combination of peer-to-peer technology — a network of individuals, much like the volunteer editors and software-driven cryptography, the science of passing secret information that can only be read by the sender and receiver. This creates a currency backed by code rather than items of physical value, like gold or silver, or by trust in central authorities like the U.S. dollar or Japanese yen and so on.
“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party,” wrote Satoshi Nakamoto — the pseudonym of the mysterious bitcoin creator, who remains unknown — in a white paper introducing the open-source technology.