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Bitcoin explained in under 2 minutes!
Bitcoin (short: BTC) is a digital currency that is electronically created (minted) and stored. Unlike the euro or the dollar, Bitcoins are not physically printed or produced by central banks, but are calculated decentrally by many people around the globe using computer power. Bitcoin, like other digital currencies, is not subject to any central or state control. Bitcoin is the best-known example of a fast growing crypto currency. The tutorial explains the most important features of the digital currency.
What is Bitcoin and how does it differ from other digital currencies?
Bitcoin can be used to purchase goods and services and conduct financial market transactions. Bitcoin fulfils the same functions as conventional currencies, such as Euro or US Dollar. However, the most important characteristic of Bitcoin is its decentralisation. The Bitcoin network is not subject to any institutional control. This means that no central bank or state can control the money supply and set the framework – the network controls itself.