Bitcoin is a digital currency started in 2009 by a mystery figure named Satoshi Nakamoto, whose true identity is still unknown. It is unlike traditional currencies because it has no central bank, nation state or regulatory authority backing it up.
The “coins” are made by computers solving a set of complex maths problems. To spend them, users buy bitcoin and conduct transactions with them using exchanges such as San Francisco-based Coinbase. Rather than a central authority validating transactions, they are all recorded on a public ledger, called the blockchain.
Bitcoin don’t actually exist but are digital keys are stored in a digital wallet, which can also manage transactions. The wallet exists either in the cloud or on computers, and can be linked to bank accounts. If using an online wallet, investors must be sure they can trust the provider, because if hackers breach its server’s security measures the bitcoin could be stolen.
Typically, you can pay by bank transfer, mobile payments or with a Visa or Mastercard. There are also bitcoin ATMs, which allow for bitcoin to be exchanged for cash and vice versa, in London, Bristol, Brighton and Glasgow. A growing list of firms accept Bitcoin, including Tesla and Microsoft.
Full story at http://bit.ly/2x69GRj
Source: The Guardian
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