Bitcoin is a digital currency and a payment method allowing for safe and secure transactions around the world with low fees and a protected identity.
What is Bitcoin?
Bitcoin is a payment system and digital currency introduced as open source software in 2009. It works as a digital currency and a payment method allowing for safe and secure transactions around the world with low fees and a protected identity.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. It is open-source; its design is public, meaning nobody owns or controls bitcoin, and everyone can take part. Through many of its unique properties, bitcoin allows exciting uses that could not be covered by any previous payment system.
The ramifications of bitcoin’s social and economic benefits are vast, including global financial inclusion, competition in a gridlocked lifeline remittance industry, innovation in e-commerce, savings on transaction costs for businesses, and improved consumer protection and privacy. In this increasingly borderless and digital era, bitcoin is the way businesses, consumers, and the world’s unbanked can transact securely, swiftly, and affordably.