Bitcoin is a digital currency which operates free of any central control or the oversight of banks or governments. Instead it relies on peer-to-peer software and cryptography.

A public ledger records all bitcoin transactions and copies are held on servers around the world. Anyone with a spare computer can set up one of these servers, known as a node.

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Consensus on who owns which coins is reached cryptographically across these nodes rather than relying on a central source of trust like a bank.

Every transaction is publicly broadcast to the network and shared from node to node. Every ten minutes or so these transactions are collected together by miners into

Bitcoin

02 In much the same way you would keep traditional coins in a physical wallet, virtual currencies are held in digital wallets and can be accessed

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03 Bitcoins can currently be subdivided by seven decimal places: a thousandth of a bitcoin is known as a milli and a hundred millionth of a bitcoin is known as a satoshi.

Can bitcoin be converted to cash?

04 Bitcoin can be exchanged for cash just like any asset. There are numerous cryptocurrency exchanges online where people can do

What is the purpose of bitcoin?

05 Bitcoin was created as a way for people to send money over the internet.

Are bitcoins safe?

06 The cryptography behind bitcoin is based on the SHA-256 algorithm designed by the US National Security Agency.

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