WHAT'S THE MEANING?
Bitcoin is a cryptocurrency used in a peer-to-peer electronic payment system. The bitcoin network is designed to work as a decentralized digital currency and works without a central bank or a single administrator. The bitcoins are made when transactions are completed in the network, and these newly dug up bitcoins are given as rewards to the Bitcoin miners, who are people that help complete transactions in the network using their powerful GPUs. Using the pseudonym Satoshi Nakamoto, the original creator of Bitcoin made the first transaction, and Hal Finney, the miner who helped Nakamoto complete the transaction, was rewarded 10 bitcoins.
DID YOU KNOW?
Did you know that the Bitcoin mania has led to the creation of more than 4000 cryptocurrencies from all over the world? In 2009, Bitcoin went online and became a buzzword, opening the door to the possibilities of a cryptocurrency craze. Since then, many cryptocurrencies have sprouted, and there reports that put the number at around 4,000 types of alt-currencies created including Ethereum and Ripple. Experts are calling the mania as the Gold Rush of the new millennium. According to CoinMarketCap, the site that tracks cryptocurrencies, there are around 1500 active alt-money. The cryptocurrency economy reached their peak in January 2018 when it was valued at $830 billion, though reports in June say cryptocurrencies are now only worth $298 billion.