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What is Bitcoin?

2019.11.05 OKEx Academy

Bitcoin is a new currency created in 2009

The idea was to produce a mean of exchange without central authority,

that could be transferred electronically in a secure

verifiable and immutable way.

The primary value proposition is that

there is no government, institution or other authority controlling.

Owners are anonymous.

The supply is tightly controlled by underlying algorithm

Small number of new Bitcoins

keeps on trickle out hourly and diminish

when the rate of maximum 21 million has been reached.

Bitcoin transactions cannot be reversed

because there is no central “adjudicator”

It can only be modified when an hour has passed

and it was recorded on network

The smallest unit of a bitcoin is called a satoshi.

This could conceivably enable micro-transactions

that traditional electronic money cannot

making everyday purchases easier.

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.


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