What is Bitcoin?
It’s the first example of a growing category of money known as cryptocurrency. Bitcoin is a payment system invented by Satoshi Nakamoto, who published the invention in 2008 and released it as open-source software in 2009. The system is peer-to-peer; users can transact directly without needing an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the block chain. The ledger uses its own unit of account, also called bitcoin. The system works without a central repository or single administrator, which has led the US Treasury to categorize it as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed.Bitcoin has several important features that set it apart from government-backed currencies Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value.
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
1 BTC = 1,000 mBTC (millibitcoin) 1 BTC = 1,000,000 µBTC (microbitcoin) 1 BTC = 100,000,000 Satoshis 1 mBTC = 100,000 Satoshis 1 µBTC (microbitcoin) = 100 Satoshis 1 Satoshi = 0.00000001 BTC 10 Satoshi = 0.00000010 BTC 100 Satoshi = 0.00000100 BTC 1,000 Satoshi = 0.00001000 BTC 10,000 Satoshi = 0.00010000 BTC 100,000 Satoshi = 0.00100000 BTC 1,000,000 Satoshi = 0.01000000 BTC 10,000,000 Satoshi = 0.10000000 BTC 100,000,000 Satoshi = 1.00000000 BTC
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