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What is Bitcoin?
Bitcoin is a worldwide cryptocurrency and digital payment system invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto in year 2008. Bitcoin also called the first decentralized digital currency, it is the system works without a central repository or single administrator. Bitcoin works on peer-to-peer mechanism, and transactions take place between individual users directly, without any middle-man. All the transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. These process also called mining. Other than being a reward system for mining, Bitcoin also can be used to exchanged for other currencies, products or services. Nowadays Bitcoin is widely accepted by more that 100,000 merchants and vendors as a mode of payment throughout the world.
What is Cryptocurrency?
A cryptocurrency (or cryptocoin) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.
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