Skip to content

Bitcoin

Definition of Bitcoin

Bitcoin is a cryptocurrency (digital currency) which is used as a system of payment and goods that do not emit any bank or government agency authority. This term is also known by the acronym BTC.

The word Bitcoin is a neologism of the English bitcoin , in its plural bitcoins , where two English terms were joined. Bit : an acronym for the phrase binary digit ( bit ) and the noun coin  ‘ coin‘.

This digital currency has been in circulation since 2009, when its founder / s Satoshi Nakamoto launched the Bitcoin software with the network of the same name and the first units of coins called bitcoins.

Function of Bitcoin

It is simple. Each bitcoin has a virtual file that is stored in a “digital wallet” either on a computer or cell phone.

You can make and receive transactions from your digital wallet and each transaction is carried out anonymously , but is registered in a public list known by the name of blockchain.

This in order to avoid theft, fraud or undo operations.

The creator of Bitcoin

Satoshi Nakamoto , with that name or pseudonym , the person in charge (or those in charge) of creating the bitcoin is known, however, little is known about the name, since its creation it was meticulously taken care that the identity of the people who they might or might not be Satoshi Nakamoto. 

Since its inception, many have been the names that have been involved in “being” the creator of bitcoin . Among them, just to name a few, are: Michael ClearJed McCalebNeal KingVladimir Oksman and Charles Bry.

Some have even speculated that this creation is due to the union of four powerful companies: Sa msung, TOSHI ba, NAKA michi and MOTO rola.

However, nothing has ever been proven in this regard.

Controversy over bitcoins

Some specialists in financial economics and great figures in the business world warn that it is a speculative bubble that can burst so quickly because its value is volatile.

Likewise, there are many who have become “millionaires” through investments in bitcoins, and others assure that it is a “real bubble” that lends itself to criminal activity due to the anonymity of the transactions.

At the end of 2020 and the beginning of this 2021 , Bitcoin ( BTC ) has reached all-time highs and many indicators suggest that this coming is only the beginning towards another bull run for the virtual currency.