Bitcoin is a #cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary.
These transactions are verified by #network nodes through the use of #cryptography and recorded in a public distributed ledger called a #blockchain. #Bitcoin was invented by an unknown person or group of #people under the name #Satoshi Nakamoto and released as open-source #software in 2009. Bitcoins are created as a #reward for a process known as mining. They can be #exchanged for other currencies, products, and services. As of #February 2015, over 100,000 #merchants and vendors accepted #bitcoin as payment.
