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Bitcoin: The Internet of Money on ET Now
Bitcoins are created and held electronically, also described as virtual currencies. Watch Zebpay co-founders interview with ET Now on how bitcoin, the internet of money, can be the key to controlling financial destiny.
What is Bitcoin?
- Bitcoin is a digital asset and a payment system. It is commonly called a decentralized digital currency.
- It was invented by Satoshi Nakamoto in 2009.
- It is an open source software. This means, that no person, company or country owns this network just like no one owns the Internet.
- The system is peer-to-peer, that is, users can transact directly without an intermediary like a bank, a credit card company or a clearing house.
- Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain.
- Just like anyone can join the Internet, anyone can help to verify and record payments into the block chain. This process is called mining.
- In mining, users offer their computing power.
- Miners are rewarded with newly created bitcoins and transaction fees.
- Currently, miners receive 12.5 bitcoins every 10 minutes. This halves every 4 years. The next halving will happen in mid-2020.