BITCOINISOK

Bitcoin is the first cryptocurrency, a virtual currency. It is also decentralized digital currency which is without a central bank or single administrator that can be sent from one user to another on a peer-to-peer bitcoin network. Just like a bank, transactions here are verified by network nodes through cryptography and recorded in a public distributed ledger known as blockchain. Bitcoin was created by an unknown person named Satoshi Nakamoto in 2009. Bitcoins are created as a reward for a process known as mining. Bitcoin in general can be exchanged for other cryptocurrencies such as dash, dogecoin, Ethereum e.t.c. Bitcoin is highly unstable due to its high volatility nature and is criticized for its use in illegal business. Bitcoin has also been used as an investment or ponzi scheme hence cation should be made when dealing with a group or organization offering bitcoin services .