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34 Bitcoin Terms A to Z

Term 2 - What is a bitcoin?

Bitcoin is the name of the first digital or cryptocurrency. It is digital because it's stored on computers and also "crypto" because is used the math of cryptography to manage it.

Bitcoins aren't owned or printed by a government. The idea was created by a person who went under the name of Satoshi Nagamoto.

"Bitcoin is the money supply controlled by a computer."

On Dec. 25th 2017 they were valued at $14,288.

You can get Bitcoins by mining them or receiving them from a holder of bitcoins.

The first bitcoins were mined, and after that, they were transferred to others for:
  • Cash
  • Donation
  • Sale of a product or a service
  • Theft
You own bitcoins by owning information or a large string of 32 characters which only you know called a private-key.

Each character consists of 8 bits. A bit can be a 0 or a 1. So there are 32 x 8 or 256 bits in 32 characters. The value in this can be 0 to 2256 or 1.15792 x 1077 which is:

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