Bitcoin for Dummies (Like Me!) #1

Bitcoin was introduced in January 2009 by a programmer using the pseudonym "Satoshi Nakamoto." It is also possible that Satoshi Nakamoto is actually a group of programmers. Hmmm.

Bitcoin was designed to be a decentralized currency. No single institution rules the bitcoin network. Thus, this puts some netizens at ease, because it indicates that a large bank can’t control their money.

Payments are transmitted peer-to-peer from the payee to the recipient, without the need to exchange personal information (and no transaction fees). Cool, right?

The currency is completely virtual and is not controlled by any authority. New bitcoins are produced through a process called "mining." Via mining, complex computing equipment solves complex mathematical problems, and the reward is a newly created block of bitcoins.

I will be ending my short post here -- hoping that you find some of this information useful.

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