Bitcoin: Financial transactions without banks

Bit coin is a digital currency. It can be used for online payments and can be implemented / used by any website or person. Bitcoins can be exchanged without banks and their is no single party that controls the currency. Bitcoin is open source and fully transparent.

Bitcoin is one of the first implementations of a concept called crypto-currency, which was first described in 1998 by Wei Dai on the cypherpunks mailing list. Building upon the notion that money is any object, or any sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic context, Bitcoin is designed around the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities.


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