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What is Bitcoin

What is Bitcoin?

Bitcoin is a cryptocurrency and a payment system invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list, and released as open-source software in 2009. There have been various claims and speculation concerning the identity of Nakamoto, none of which are confirmed. The system is peer-to-peer and transactions take place between users directly, without an intermediary.

What is Bitcoin
What is Bitcoin

Ledger Publishes First Volume of Peer-Reviewed Blockchain Research

The issue includes 10 peer-reviewed papers ranging from probabilistic analysis of the NXT forging algorithm, questions of governance in blockchain and theories of social contracts. The publication was formally launched last year to encourage greater academic involvement in the cryptocurrency industry by giving scholars a platform to publish full-length original research in all areas related to cryptocurrency.

What 2016 Taught Us About Smart Contracts

Jeffrey Billingham is a vice president in Markit’s Processing division, and also leads the company’s Chain Gang, focusing on blockchain product development, FinTech partnerships and industry collaboration involving blockchain, smart contracts and distributed ledger technology. He joined Markit in 2013 after three years at UBS, where he focused on managing operational risk in derivatives trading. Without a doubt, smart contracts have dominated most DLT conversations in financial services.

Value of bitcoins in circulation hits record high of $14bn

The total value of all bitcoins in circulation hit a record high above $14bn on Thursday, as the web-based digital currency jumped 5% to its highest levels in three years after more than doubling in price this year. But because more bitcoins continue to be added to the system, currently at a rate of 12.5 every 10 minute , its total value or market cap on Thursday surpassed the 2013 peak of $14.01bn. That puts its total value at about the same as that of an average FTSE 100 company.

Why use it

You use bitcoin for many of the same reasons you opt to send an email, stream a movie, or download a song. It’s faster, cheaper, more secure and immutable. And its uses extend beyond the peer to peer payments. In many places, bitcoin is less volatile than the local currency so some use it to store value while others use it to consume at hundreds of thousands of vendors across the globe and online. Bitcoin is a relatively new form of currency that is just beginning to hit the mainstream, but many people still don’t understand why they should make the effort to use it.

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