What is bitcoin?
Bitcoin is a global currency that uses a public ledger system to record transactions being sent from one person to another. This all happens without a central bank in the middle and it’s not controlled by any government, regulating body, company, or person. All transactions are completely transparent and thousands of copies of the ledger are kept across a distributed network of computers with no single point of failure. In other words, bitcoin is a true decentralised currency that nobody can control and it is for this reason that it is generating the kind of interest that it is. Bitcoin works a lot like cash in that you receive it instantly when it’s sent and once you have possession of it nobody can take it away from you. Bitcoin does not require any “trust” to work because it relies on mathematical equations and a complex verification system that cannot be manipulated by anyone. This makes bitcoin a truly revolutionary peer-to-peer system that is designed to get even better as more and more people start to use it.