Article: Bitcoin – A Famous Digital Currency

Money, Open Governance

Bitcoin – A Famous Digital Currency

Bitcoin, the first cryptocurrency, is a decentralized form of digital cash. This is the coin that is very useful in eliminating the need for traditional intermediaries like banks and governments to make financial transactions. Bitcoin was introduced in 2009. It has the credit to be called the first of a new kind of asset called cryptocurrency, a decentralized form of digital cash.

This is a coin that is powered through a combination of peer-to-peer technology — a network of individuals, — and software-driven cryptography. This is the science of passing secret information that can only be read by the sender and receiver. It helps Bitcoin in becoming a currency backed by code rather than items of physical value, like gold or silver, or by trust in central authorities like the U.S. dollar or Japanese yen.

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