Bitcoin is a collection of concepts and technologies based on the digital currency ecosystem. The concept was first proposed by Satoshi Nakamoto in his 2008 paper “Bitcoin: A Peer-to-Peer Electronic Cash System (Chinese version)”.
The monetary unit is called Bitcoin, (BTC), based on a decentralized network and used to store and transmit value between participants in a bitcoin network.
Participants (users) can transfer bitcoin over the network and do everything as easily as regular money, including buying and selling goods, transferring or storing them.
Bitcoin is also a distributed peer-to-peer system, so there are no "central" servers or control points. Click here to learn more about the basic features of blockchain.
Bitcoin is created through a process called "mining." Any participant in the bitcoin network can use the hashrate of his or her calculation tools as a "miner" to verify and record transactions. On average, every 10 minutes, someone can verify the last 10 minutes’ transactions and get a new Bitcoin reward.
Click here to learn more about bitcoin mining and miner incentives.
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