What is Bitcoin
Bitcoin is a digital currency and a payment system that was created and launched by Satoshi Nakamoto in the year 2009.
Bitcoin is a consensus network that enables a new complete payment system and digital money. It is the first decentralized peer-to-peer payment network that is in powered by its users with no central authority or middlemen.
The system works without a central repository or single administrator, which has categorized it as a decentralized digital currency. Bitcoin is often called the first cryptocurrency, although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value.
The system is peer-to-peer; users can do transactions directly without the need of an intermediary. Transactions are verified by network nodes and are recorded in a public distributed ledger called the blockchain.
We pool the funds of all of our group members to purchase and mine bitcoins.