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  Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. A software developer called Satoshi Nakamoto proposed bitcoin that was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees. Bitcoin is a form of digital currency, created and held electronically. Bitcoins aren’t printed, like dollars or euros – they’re produced by people and increasingly businesses, running computers all around the world using software that solves mathematical problems. It’s the first example of a growing category of money known as cryptocurrency. Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros or yen, that are also traded digitally. However, bitcoin’s most important characteristic and the thing that makes it different to conventional money is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.

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