My title What Is Bitcoin? | Imttoo

A Bitcoin is one amount of digital currency. It’s internet currency. Unlike dollars, or euros, or yen, Bitcoin is considered a decentralized currency. That means that a system of users controls and verify transactions, instead of a middle authority, like a bank or a government. It still jobs like real money.

One worker pays another worker for best and work. However, once the currency is transfer, the record of the exchange is publicly recorded onto a ledger is known as a block chain. Other Bitcoin workers known as miners verify the transactions in the block link. After a certain amount of transactions have been verified by a worker, that worker will receive newly minted Bitcoins for their job. And thus, new Bitcoins will be sum into circulation.

While there are currently more than 12 million Bitcoins in circulation, the total amount of Bitcoins that can ever be created is capped at 21 million. The production rate is automatically divided every year as some Bitcoins are added into circulation. This system, modeled after gold mining, makes finding new Bitcoins more rare as the number of available Bitcoins reaches the 21 million cap. and start converting all our money to Bitcoins?

Not necessarily. While a few websites such as Reddit, WordPress and Overstock have begun accepting Bitcoins, most major retailers have yet to take the plunge. Also, like any other commodity, the cost of Bitcoin is only worth what someone are willing to pay for it. And that value has fluctuated pretty wildly in the past couple of years. In April of 2011, the price of 1 Bitcoin was 75 cents. In December of 2013, that value reached as high as $1,200. And in 2016 bitcoin price are $ 1,141.12