What is Bitcoin? – Blockchain Made Simple
What is Bitcoin?
Everyone’s heard of it but what is Bitcoin, and is it legal? Bitcoin is the first widely adopted use of blockchain technology. Bitcoin is a type of digital money or cryptocurrency and yes it’s perfectly legal. Bitcoin first appeared in 2009, created by a developer named Satoshi Nakamoto. Like any type of currency system, Bitcoin’s value is based on what others are willing to pay for it, and there are several market exchanges where Bitcoin is traded. One of the advantages of Bitcoin is that no one group ‘owns’ or controls Bitcoin, and therefore there is no need for central banks to move or store it– so there are no traditional bank fees involved in using or sending Bitcoin.