United Library

Bitcoin United Library

Bitcoin is the world's leading cryptocurrency based on a decentrally organized booking system. Payments are legitimized cryptographically and processed via a network of computers with equal rights (peer-to-peer). Unlike the traditional banking system, no central clearing of money movements is necessary. Proofs of ownership of Bitcoin are stored in personal digital wallets. The exchange rate of a Bitcoin to legal tender follows the principle of pricing on the stock exchange.

The Bitcoin payment system was invented by Satoshi Nakamoto, appearing under a pseudonym, according to Nakamoto in 2007, who described it in a publication in November 2008 and released open-source reference software for it in January 2009. The Bitcoin network is based on a decentralized database shared by participants, the blockchain, in which all transactions are recorded. Cryptographic techniques are used to ensure that valid transactions with Bitcoins can only be made by the respective owner and that monetary units cannot be issued more than once.

New Bitcoin units are created by solving cryptographic tasks called mining.

This is the descriptive, concise short introduction to Bitcoin.