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Bitcoin is a peer to peer payment system created in 2009 under the pseudonym of Satoshi Nakamoto. Bitcoin transactions are recorded in a public ledger known has the “blockchain” and use its own appellation (Bitcoin) as unit of account.
Bitcoin has per main attribute to not be controlled by a single entity or central bank which has led the US Treasury to call it a “decentralized currency”.
Bitcoins are created by using mining equipment. The computers are given a complex mathematical equation to solve. The reward for solving it are Bitcoins. The Bitcoin network auto adjust itself to regulate the value of the Bitcoin economy.
The pros of using Bitcoin are numerous and includes, anonymity, instant money transfer around the world and of course zero fees on transfer compared to traditional system like bank transfer.
Bitcoin can be stored using e-wallet adapter for electronic devices such as smartphones, computers.