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Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a dispersed public ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million. Bitcoin can be used as a payment system to buy and sell things electronically. In that sense, it's like conventional dollars, euros, or yen, which are also traded digitally.

However, bitcoin's most important characteristic, which makes it different from conventional money, is decentralized. No single institution controls the bitcoin network. This puts some people at ease because a large bank can't hold their money. A defining feature of most cryptocurrencies is their decentralized nature; however, bitcoin remains the most notable exception to this rule.

What is BitCoin?

While other coins like Ethereum and Litecoin have seen their values skyrocket in recent months, Bitcoin still dwarfs all other digital currencies in terms of price and market capitalization. Despite its size, however, Bitcoin remains somewhat shrouded in mystery. There is still no precise regulation surrounding Bitcoin and other cryptocurrencies in many countries; this has made it difficult for businesses to accept them as payment and has led to many scams and frauds. Nevertheless, with its peaceful rise to prominence, it seems likely that Bitcoin will only become more mainstream in the years to come.