Bitcoin (also known by the acronym BTC), is a virtual currency (or digital) created by Satoshi Nakamoto in 2009. Means bit coin (where coin is currency in English, and bit corresponds to the binary digit, a term that expresses the smallest unit of information in the computer context).
Bitcoin is not just a currency, it is also a protocol and software that enables instant peer-to-peer transactions (no middlemen involved) and payments on a worldwide basis. Bitcoin also features low or zero processing rates.
The big difference with Bitcoin is that as it is not dependent on a central managing body, it is not possible for one of these bodies to manipulate its value. Through the Bitcoin website, it is possible to acquire and transfer certain currency anonymously. This decentralization and anonymity seem to be differentiating strategies from other existing virtual currencies. Bitcoins are kept by their respective owners on their computers, which is seen by many as a disadvantage, as they are more vulnerable to a possible hacker attack.
Although Bitcoin does not have a physical form, economically speaking, it is still considered an asset. Starting in 2011, several organizations started accepting donations in the form of Bitcoin. In 2012, several stores already accepted Bitcoin as a form of payment.
Bitcoin production is known as bitcoin mining or bitcoin mining in Portuguese. This is an extremely competitive area, where specific equipment that fulfills this mining task is sold on the market.
On April 11, 2013, the newspaper "O Globo" announced that a bitcoin reached the high value of 266 dollars (approximately 533 reais). Despite this, the next day it lost half its value, rising again shortly afterwards. This fluctuation denotes some instability, which raises many people's distrust of BitCoin.
Several newspapers have tried to find Bitcoin creator Satoshi Nakamoto, but without success. Apparently, this is the pseudonym of the coin's creator (or group of creators).
Learn more about the meaning of cryptocurrency.
