Bitcoin is a cryptocurrency and a payment system that is a type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank. The Bitcoin is invented by an unidentified programmer under the name of Satoshi Nakamoto that was introduced in 2008 and released as open-source software in 2009.
Reference Definition by Investopedia: Bitcoin is a digital currency created in 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government issued currencies. There are no physical Bitcoins, only balances associated with public and private keys. These balances are kept on a public ledger, along with all Bitcoin transactions, that is verified by a massive amount of computing power.
Related Definitions in the Project: The Computer Technology; Commercial Definitions
