Bitcoin (symbol: BTC) is a new form of decentralised money; completely digital and open source, allowing users to exchange and transfer value without the need of a third-party or financial intermediary.
Bitcoin is borderless, permission-less, and verifiably scarce. Only 21 million bitcoin could ever be created (or "mined").
Each bitcoin is divisible to 100 million Satoshis, or 'sats', much like cents to the dollar. One sat is equal to 0.00000001 bitcoin.
Every single bitcoin transaction since its inception can be viewed on a public ledger known as the Bitcoin blockchain. The blockchain is continually verified by countless independent Bitcoin 'nodes' around the world, which also enforce the rules of the network, including the hard supply cap.
The process of bitcoin mining involves adding new transactions to the blockchain. Miners use specialised computers and compete to solve complex mathematical problems, the winner is permitted by the nodes to add the latest block (containing the latest transactions) to the tip of the blockchain. In addition to the transaction fees, Miners are rewarded for providing this 'proof of work' process with new bitcoin, which add to the global Bitcoin supply. It is expected that the entire Bitcoin supply (21 million coins) will be produced and in circulation by 2140.
No single entity or group controls Bitcoin. It can not be manipulated, inflated, or shutdown.
This makes it the purest, most incorruptible money we have ever seen.
Learn more: How to Buy Bitcoin on Bitaroo