Bitcoin is a peer-to-peer currency. Peer-to-peer means that no
central authority issues new money or tracks transactions. These tasks
are managed collectively by the network.
A Bitcoin is the base currency of the Bitcoin market. It is like how
we reference a Dollar or a Euro, and like the different currencies in
the world, the Bitcoin trades at different values based primarily on
speculation, supply and demand.
One of the most attractive features of Bitcoins is that they are not
controlled by any government. They cannot be artificially inflated or
deflated. A monetary authority cannot pump more of them into the market
to boost the economy. Basically, there is a set amount going out over
time and as time goes on the amount entering the market decreases.
The way that they are entered into the market is a process called
“Mining”. Basically, computers solve mathematical algorithms to earn the
Bitcoins. They are very complex and take a lot of computing power to
solve. The more computers trying to solve the equations, the harder the
equations become to solve, the less you get for mining.
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