Bitcoin FAQs

What is Bitcoin?

In very simple words, Bitcoin is a currency. However, it is different than ordinary currencies in a very fundamental way; Bitcoin is not owned or printed by any government or central bank. The production of Bitcoins is carried out by a computer formula outlined by a developer known as Satoshi Nakomoto

Who created Bitcoin?

This question has no answer as of now. In October 2008, Satoshi Nakamoto published a paper that laid out the fundamentals and basic principles of Bitcoin. The paper was titled Bitcoin: A Peer-to-Peer Electronic Cash System and can be read here. However, the real identity of Satoshi Nakamoto is unknown so far.

Even though an Australian computer scientist claimed to be Satoshi Nakamoto in May 2016, his evidences quickly proved to be false. On the other hand, a journalist asserted that she contacted the Bitcoin founder Nakamoto who is 65 years old Japanese-American living in Los Angeles. The alleged candidate was a physicist who works as an engineer at military industry with the full name of Dorian Satoshi Nakamoto. However, he denied to be the so called Satoshi Nakamoto who is creator of Bitcoin.

What is the Blockchain?

The blockchain is a database network where all Bitcoin users can concurrently monitor and record every transaction. Imagine that there is a spreadsheet which is duplicated across thousands of computers and this spreadsheet is developed to be updated regularly. In a very basic meaning, this is called blockchain technology. The information isn’t kept on a single device but across thousands of computers which makes it accessible to anyone and easily reconcilable.