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What is BitCoin?
Bitcoin is a form of digital currency, created and held electronically.
No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
What makes it different from normal currencies?
Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.
However, bitcoin’s most important characteristic, is that it is decentralized. No single institution controls the bitcoin network.
This puts some people at ease, because it means that a large bank or government can’t control their money.
Who created it?
A Japanese software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
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What is bitcoin based on?
Conventional currency has been based on gold or silver. Theoretically, you knew that if you handed over a dollar at the bank, you could get some gold back (although this didn’t actually work in practice). But bitcoin isn’t based on gold; it’s based on mathematics.
Around the world, people are using software programs that follow a mathematical formula to produce bitcoins. The mathematical formula is freely available, so that anyone can check it.
The software is also open source, meaning that anyone can look at it to make sure that it does what it is supposed to.
What is a satoshi?
Just like how a cent or a penny is an increment of a dollar or a pound, or how a millimetre is 1000 metres, a satoshi is an increment of a bitcoin.
A satoshi is worth 0.00000001 bitcoin (฿) and is the smallest possible increment of a bitcoin.
There are many other increments of bitcoin:
1 Satoshi = 0.00000001 ฿
10 Satoshi = 0.00000010 ฿
100 Satoshi = 0.00000100 ฿ = 1 Bit / μBTC
1,000 Satoshi = 0.00001000 ฿
10,000 Satoshi = 0.00010000 ฿
100,000 Satoshi = 0.00100000 ฿ = 1 mBTC
1,000,000 Satoshi = 0.01000000 ฿ = 1 cBTC
10,000,000 Satoshi = 0.10000000 ฿
100,000,000 Satoshi = 1.00000000 ฿
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