What is bitcoin?
Bitcoin is a digital currency produced by people and businesses operating computers worldwide that use cryptographic software engaged in solving mathematical problems.
Unlike dollars, Euros or other types of conventional currencies which are produced as banknotes and coins, bitcoin and altcoins ('bitcoin alternative' such as litecoin, dogecoin, ethereum coin) are produced, stored and used electronically over the internet to shop, invest and make payments at bitcoin accepted merchants.
It Is Solely A Peer-to-Peer Currency
There is no central and trusted authority such as a bank or treasury department to control, manage and monitor digital money and electronic digital money transactions. Bitcoin transactions at crypto currency exchange sites are also peer-to-peer.
Digital money transactions are recorded on a blockchain which is the financial record. Blockchains are records of bitcoin transactions verified by network nodes. They are public financial ledgers which simply mean that they are open to the public view.
Convert bitcoin to cash at crypto currency exchange sites, and deposit the cash money via bank wire or payment processors to your bank account. Each crypto currency exchange has its own guidelines regarding the exchange of bitcoin to cash and withdrawal of funds. Also, bitcoin exchange rates differ from one exchange to another.
Satoshi To Bitcoin Pre-defined Values
| 1 Satoshi | = 0.00000001฿ | |
| 10 Satoshi | = 0.00000010฿ | |
| 100 Satoshi | = 0.00000100฿ | = 1 Bit / μBTC (you-bit) |
| 1,000 Satoshi | = 0.00001000฿ | |
| 10,000 Satoshi | = 0.00010000฿ | |
| 100,000 Satoshi | = 0.00100000฿ | = 1 mBTC (em-bit) |
| 1,000,000 Satoshi | = 0.01000000฿ | = 1 cBTC (bitcent) |
| 10,000,000 Satoshi | = 0.10000000฿ | |
| 100,000,000 Satoshi | = 1.00000000฿ |
