What is Bitcoin?

by Warlock
Oct. 7, 2017 0 comments INFOSEC Institute

Bitcoin is a digital currency or, we might say, electronic cash that uses peer-to-peer technology for transactions. Here peer-to-peer means it is not managed by any central authority. Normal currencies are managed by a central bank but Bitcoin is managed collectively by the network. The Bitcoin software was developed by Satoshi Nakamoto and it is based on open source cryptographic protocol. Each Bitcoin is subdivided down to eight decimal places, forming 100 million smaller units called satoshis. In simple terms, it is a SHA-256 hash in a hexadecimal format.