Bitcurrency

Bitcoin may be a digital currency created in January 2009 following the housing market crash. It follows the ideas that began during a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto.1 The identity of the person or persons who created the technology remains a mystery. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.

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There are not any physical bitcoins, only balances kept on a public ledger that everybody has transparent access to, that – along side all Bitcoin transactions – is verified by a huge amount of computing power. Bitcoins aren't issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being tender , Bitcoin charts high on popularity, and has triggered the launch of many other virtual currencies collectively mentioned as Altcoins.