Bitcoin is a digital currency first developed in 2009. It takes after the thoughts set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity remains unknown.
Bitcoin offers the guarantee of lower exchange costs and fees than customary online payment instruments and is operated by a decentralized authority, not at all like official monetary standards.
The present market cap for all bitcoin (truncated BTC or, less as often as possible, XBT) currently in circulation $7 billion.
There are no physical bitcoins, just individual balances stored on a public ledger in the cloud, that – alongside all Bitcoin transactions – is checked by a monstrous capacity of computing power power.
Bitcoins are not issued or supported by any banks or governments, nor are individual bitcoins significant as a product. In spite of its not being official legal tender, Bitcoin maintains huge popularity, and has led to the creation of countless other virtual currencies. These alternative coins are referred to collectively as, Altcoins.