In 2008, a programmer known as Satoshi Nakamoto-a name believed to be an alias-posted a paper outlining Bitcoin’s design to a cryptography e-mail list. Then, in early 2009, he (or she) released software that can be used to exchange bitcoins using the scheme. Theoretically, you knew that if you handed over a dollar at the bank, you could get some gold back. But bitcoin isn’t based on gold. It’s based on mathematics.The mathematical formula is freely available, so that anyone can check it.Bitcoin is more correctly described as the first decentralized digital currency. Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money.The unit of account of the bitcoin system is bitcoin.Symbols used to represent bitcoin are BTC,XBT.Small amounts of bitcoin used as alternative units are millibitcoin (mBTC), microbitcoin (µBTC),and satoshi. Bitcoin was designed to be used on the internet, and doesn’t depend on banks or private companies to process transactions.
What is bitcoin?
Bitcoin faucet is a World Wide Web website that gives out "free" bitcoins (BTC) in exchange for doing a simple task, such as clicking on an advert, solving a CAPTCHA, or viewing a webpage for a certain amount of time.