Bitcoin is a digital currency, or a cryptocurrency. It was invented in 2008 by an anonymous person, or group of people named Satoshi Nakamoto. The creator decided to remain anonymous.
Bitcoins differ from fiat currency, or government issued currency, because they are not physical objects. Instead, they exist in the virtual world as snippets of code. This hasn’t stopped people from imagining what a bitcoin might look like in reality, and the crypto space is filled with artistic renderings of gold coins emblazoned with a B!
Bitcoin is a decentralized currency, meaning it has no central point of control and is sustained by individuals in the global cryptocurrency community. Bitcoin is like having a Swiss bank account on your phone or computer.
You don’t buy Bitcoin at a bank. Instead Bitcoin users go to online exchanges, ATMs or private brokers to purchase Bitcoin and other Crypto Currencies. When coins are not being used or traded, it is best to keep coins off of an exchange and in a wallet.
New bitcoins are being created every day through a process called mining. Big computers work hard to solve complicated equations, and each correct answer produces new Bitcoin. The Bitcoin code dictates that only 21 million Bitcoins will ever be created, making it a finite commodity much like gold.
After viewing the videos in each subsection below you will be much closer to becoming a Bitcoin pro.