|Author||Topic: What Is A Bitcoin?|
||on 2017-03-31 15:34:43 by bkcoin
A bitcoin is a digital or cryptocurrency. That is there is no physical coin or paper. Bitcoins exist only electronically on computers or servers. The advantage of this is they are decentralized. No single government, agency or institution controls the bitcoin.
As of December 2016 one Bitcoin was worth $960. As of March 2017 the price for 1 bit coin was over $1200. Due to market dynamics and macroeconomic conditions the value of a Bitcoin is always moving up or down. Right now they are hot! In 2016 the value increased by 100%.
Since one Bitcoins is very valuable they are broken down into smaller unites for ease of commerce and trading. The most common is a Satoshis. A Satoshi is the smallest unit of Bitcoin. One satoshi equals 0.00000001 Bitcoin. This is also the name of the bitcoin creator, Satoshi Nakamoto. It's still up for debate if this is the name of one person or a group of people who created bitcoins. The bitcoin was created in October 2008.
Other ways you may see Bitcoins listed are. BTC (1 full Bitcoin), MilliBitcoin mBTC (1 thousandt of a Bitcoin), MicroBitcoin uBTC (1 milllionth of a Bitcoin)
There are other cryptocurrencies. As of July 2016 there were over 740 cryptocurrencies, but only about 20 something had a market capitalization of over $10 million by January 2017. Some of them are Dogecoin, Ethereum, Ripple, Litecoin, Monero and Dash.