Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
Bitcoin has been a subject of scrutiny amid concerns that it can be used for illegal activities. In October 2013, the FBI seized roughly 26,000 bitcoins from website Silk Road during the arrest of Ross William Ulbricht.
What is Ethereum?
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
Ethereum is powered by Ether, a cryptocurrency whose value is determined by supply and demand. Ether can be traded for fiat currencies, products, and services.
What is Cronos?
Cronos is a decentralized digital currency that uses cryptography to secure its transactions and to control the creation of new units.
Cronos is based on the Bitcoin protocol but with a few important differences. For example, Cronos uses the proof-of-stake algorithm to secure its network, rather than proof-of-work.
What is a Bitcoin Exchange?
A Bitcoin exchange is a website where users can buy and sell bitcoins. Bitcoin exchanges are important because they allow users to trade bitcoins for other assets, such as fiat currencies or other digital currencies.
What is a Bitcoin Wallet?
A Bitcoin wallet is a software program that allows users to send and receive bitcoins. Bitcoin wallets are important because they allow users to store their bitcoins in a secure place.
What is a Bitcoin Miner?
A Bitcoin miner is a computer or group of computers that mine bitcoins. Miners are rewarded with bitcoins for verifying and committing transactions to the blockchain.
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