What is bitcoin?

Bitcoin is a decentralised, digital currency, which is not controlled by central banks or governments. They’re created or mined by people all over the world whose computers are solving complex, mathematical problems. Solving a problem releases more bitcoin.

Bitcoin can be transferred electronically, almost immediately, with minimal transaction fees since it is peer to peer, with no middle-men adding fees to the process.

21 million bitcoins can ever be produced. No one can just create more whenever they feel like it as happens with currencies like the pound or the dollar.

Bitcoins are divisible into smaller amounts called Satoshi’s, named after the person who created the idea of bitcoin, Satoshi Nakamoto. A bitcoin can be split into one hundred millionth of a bitcoin.

Bitcoin users can have numerous bitcoin addresses to make payments from without it being linked to personal information, unlike opening a traditional bank account.

Every bitcoin transaction is recorded on the blockchain, which is a public leger, making transactions completely transparent without being personally identifiable.

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