What is Bitcoin?
Bitcoin is a form of digital money that you can use to pay just like you do with Euros or Dollars. With bitcoins you do not need a third party such as a bank to send money to each other or buy goods. The bitcoin is the first Cryptocurrency that has come on the market. The goal of the bitcoin was to develop a ‘peer-to-peer electronic cash system’ where double spending of money is impossible.
Who made the Bitcoin?
– Peer-to-peer system. This means that no third parties are required. Example: peer 1 (Jake) sent money to peer 2 (May).
– Transaction times are direct. You no longer have to wait 2 days for your transactions.
– Independent of governments, countries, censorship or restrictions.
– Usable worldwide.
– Low transaction costs
– There is a limited number of bitcoins (21 million).