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Bitcoin is a payment system introduced as open-source software in 2009 by developer Satoshi Nakamoto. The payments in the system are recorded in a public ledger using its own unit of account. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency. There is no middleman. You are the bank. Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency.

Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger called mining. Think of it as a specialized computer (ASIC) calculating an algorithm billions of times a second. It gets lucky, finds the correct solution, and receives a hefty reward. Individuals or companies engage in this activity in exchange for transaction fees and newly created bitcoins. Since there are so many of these computers competing all at once, people can band together and create a "pool" combining their power in return of splitting the profits when a block is found. Besides mining, bitcoins can be obtained in exchange for fiat money, products, and services. Users can send and receive bitcoins electronically for an optional transaction fee using wallet software on a personal computer, mobile device, or a web application.

Bitcoin as a form of payment for products and services has seen lots of growth. Merchants have an incentive to accept the digital currency because fees are lower than the 2-3% typically imposed by credit card processors.The European Banking Authority has warned that bitcoin lacks consumer protections. Unlike credit cards, any fees are paid by the purchaser, not the vendor. Bitcoins can be stolen and chargebacks are impossible. Commercial use of bitcoin is currently small compared to its use by speculators, which has fueled price volatility. However, a few big companies have accepted or currently do accept bitcoins to this present day (Newegg, Dell, Microsoft, etc).

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More Information on Bitcoin Wikipedia article