A beginner’s guide to bitcoin: What you need to know

The official logo of Bitcoin, a digital cryptocurrency.

The official logo of Bitcoin, a digital cryptocurrency.

When Craig Wright claimed he invented bitcoin, it put the mysterious currency back in the spotlight.

But while it’s generated a furore in the community of underground hackers and crypto-anarchists, most people are bemused by all the fuss. What is this ‘bitcoin’ business, and why is it so important?

Let’s start at the beginning: What exactly is bitcoin?

Australian Craig Steven Wright claims to have created Bitcoin.

Australian Craig Steven Wright claims to have created Bitcoin.

In essence, bitcoin is a purely digital currency – there are no notes or coins – that can be used exclusively in online transactions. It is also one of the first examples of a cryptocurrency: A monetary system where encryption is used to secure transactions and, in theory, keep transactions anonymous. Though bitcoin is not the only purely digital currency, it is the one which has gained the most traction.

READ MORE:
* What do we know about Craig Wright?

* Computer programmer travels the world using bitcoin
*

Read more ... source: TheBitcoinNews

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