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What is Bitcoin

Is virtual money that does not rely on financial institutions or central banks for exchange and management. bitcoin is subdivided into 100 million smaller units called satoshis which means that the currency has eight decimal points which is useful as it is used worldwide and can be exchanged for many currencies.

Bitcoin is based on open source software and can be distributed via peer-to-peer internet protocol on computers and Smartphone’s and can be stores on memory sticks.

Breakdown

• 1 BTC = 1 bitcoin
• 0.01 BTC = 1 cBTC = 1 centibitcoin
• 0.001 BTC = 1 mBTC = 1 millibitcoin
• 0.000 001 BTC = 1 ?BTC = 1 microbitcoin
• 0.000 000 01 BTC = 1 satoshi

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Term created / updated 2013-04-08 09:18:40

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