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TechMental Media | Bitcoin (₿TC)

 

Within a decade Bitcoin has revolutionized world economics by banking the unbanked. CryptoCurrencies are evolving new paradigms for alternative payment systems through peer to peer decentralized banking. Statistically speaking, by the year 2025 there will be over 1 Billion citizens actively utilizing some form of CryptoCurrency in their daily routine.

Bitcoin (₿) is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto and was released as open-source software in 2009. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.

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