What is Bitcoin?

What is Bitcoin? No one possesses the Bitcoin network, much like no one owns the technology behind email or the Internet. Bitcoin transactions are verified by miners that come with an entire industry and Bitcoin cloud mining options. While developers are improving the applications, they can’t induce a change in the Bitcoin protocol because most of the users are free to select the applications and versions they utilize. The first cryptocurrency specification and proof of this concept were published in 2009 by an unknown man under the pseudonym Satoshi Nakamoto who revealed little about himself and left the job in late 2010. However, even the community has since increased exponentially. Everyone else has access to all of the source code. Some other…