Bitcoin is a digital currency created in 2009 it follows the ideas set-out in a white paper by the mysterious Satoshi Nakamoto , whose true identity has yet to be verified . Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralised authority , unlike government issued currencies . Today's market cap for all Bitcoin in circulation exceeds $7 billion.
There is no physical form for this Bitcoin , only balances kept on public ledger in the cloud , that- along with all Bitcoin transactions-is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual Bitcoins valuable as a commodity. Despite its not being legal tender Bitcoin charts high on popularity and has triggered the launch of other virtual currencies collectively referred to as Altcoins.
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