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What is a Bitcoin, and who is Satoshi Nakamoto?

Bitcoin is a digital transaction currency system via the Internet, existing only in digital systems, without physical substance. The Bitcoin digital currency is stored in a server in a form of a long code called digital wallet, created by the user. No one controls it, its operation is based on communication of computers through the Internet.

Various computer systems contribute to the processing power on the network of Bitcoin, creating currencies, protecting the network from attacks, controlling the accuracy and validity of transactions. The creation of Bitcoins is controllable to avoid phenomena such as inflation, which reduces its value. Twenty one million Bitcoins is the maximum amount that can ever exist. Bitcoins are easily exchanged between users, anywhere in the world, using a program.

Transfer Bitcoins fees are infinitesimal compared with other currencies.

There are services that exchange Bitcoins to other currencies such as euros, dollars, etc. or to other crypto-currencies. Bitcoin transactions are irreversible, the only way to take your coins back, is to make a new transaction. Satoshi Nakamoto supposed to be the inventor of the Bitcoin protocol.

1 BTC = 100,000,000 Satoshis.

We can’t know for sure whether he was Japanese or not, or even assume that he really existed, since the word ‘’Satoshi’’ has lots of different meanings like: ’’clear thinking’’ or ‘’wise’’, while the word ’Naka-moto' can have various translations like: ‘Origination’ ‘establishment’ or ‘keystone’.