Bitcoin is a cryptocurrency. A crypto-currency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptography or cryptology is the practice and study of techniques for secure communication in the presence of third parties called adversaries. Bitcoin is the first worldwide payment system and digital currency that works without a central bank or single administrator. So, it eliminates middlemen who take commission for transactions. This explains why Bitcoin money transfers are much cheaper than conventional ones. Related post: Should You Take Payments In Bitcoin? Now, several online stores, charities and organization accept Bitcoin as a form of payment. It was invented by an anonymous user, Satoshi Nakomoto who was also nominated for a noble prize in economic sciences. To learn more about Bitcoin, here are 65 facts you need to know;
