Bitcoin is a decentralized digital currency which is built on the revolutionary blockchain technology, the purpose of which is to provide people and organizations all over the world with an alternative peer-to-peer means of making payments that is fast, private, and doesn't require the modern financial system/infrastructure. Bitcoin allows for the potential eschewing of fiat money to perform financial transactions in favor of an immutable record (eg. blockchain) that is deeply decentralized and highly secure.
Bitcoin (BTC) came on the scene in January of 2009 - during the heart of the global financial crisis of the time. In a white paper published by Satoshi Nakamoto, Bitcoin's purpose and technical framework were articulated - although the purpose has evolved and continues to do so, Bitcoin has remained the most trusted and most popular digital currency to date.
General Characteristics of Bitcoin
Bitcoin when it first came online was an innovation the like of which has never been seen. Bitcoin has many distinct characteristics and features some of which include:
How are Bitcoin acquired?
Bitcoin can be created through a complicated and capital-intensive (the capital being computing power) process known as mining - miners receive a reward (akin to a fee) for providing the computer power needed to validate Bitcoin transactions. Alternatively, an individual can simply buy Bitcoin from a cryptocurrency exchange that is reputable using their fiat currency.
Bitcoin and Banking
Bitcoin can be created through a complicated and capital-intensive (the capital being computing power) process known as mining. Alternatively, an individual can simply buy Bitcoin from a cryptocurrency exchange that is reputable using their fiat currency.
Bitcoin is not accepted by any commercial bank for safekeeping as of this writing - banks traditionally only deal in the fiat currency realm with banks in each country primarily transaction and storing the fiat currency of that particular country under regulation from central banks and other governmental regulatory bodies. However storing Bitcoin is easy and convenient without a banking system because they can either be stored on exchanges (eg. Coinbase, Kraken, Poloniex, Xapo, etc.) or on a private Bitcoin wallet - each method has its own advantage and disadvantages, but both are generally convenient and reliable if done properly.
And now, given the rise of cyrptocurrencies and crypto assets to quasi-mainstream financial assets, we're dedicated to providing quality, relevant, and interesting material on cryptocurrencies and cryptoassets. Articles on Bitcoin, Ethereum, Ripple, Cardano, and many more cryptocurrencies and cryptoassets can be found on Pennies and Pounds - all that in addition to a plethora of information on what cryptoassets are, how the entire crypto industry came to be, blockchain/immutable ledger technology, mining, proof of work, proof of stake, and how to prudently invest in crypto if you are so inclined (based on your risk tolerance and ability to withstand the volatility that will come with a crypto portfolio).