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Bitcoin is an innovative payment network and a new kind of money.
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.
- Fast peer-to-peer transactions
- Worldwide payments
- Low processing fees
Bitcoin
A Peer-to-Peer Electronic Cash System
Commerce on the Internet has come to rely almost exclusively on financial institutions serving as
trusted third parties to process electronic payments. While the system works well enough for
most transactions, it still suffers from the inherent weaknesses of the trust based model.
"Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential."
Marc Kenigsberg, Bitcoin and cryptocurrency advocate
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