I just learned about bitcoin. I tried to learn it by reference from google searching & my friends. but that's not enough for me to understanded. please help me understand to be more about bitcoin and its system.
Bitcoin is a peer to peer system, that creates digital assets (coins) through the solving of cryptographic hashes upon a decentralized transparent ledger, known as the Blockchain. Participants, who are called "Miners", solve these crypto puzzles with their spare computing power, and graphic processers, to mint new coins, and help keep the transactions on the network afloat.
Bitcoin is an open source project, so any one can take the initial code, and tweak it, or refine it to their likening. This process gave birth to other crypro currencies, and eventually a market that runs remotely similar to the stock market. The difference being, that this market is decentralized. The crypto coins are traded upon coin exchanges. Bitcoin is the archetype, so all other coins are usually traded against Bitcoin, back and forth. From fiat, to Bitcoin, then from Bitcoin, to alternative crypto coins, and vice versa.
The laws for Bitcoin will vary from one jurisdiction to another, across one ocean, to the next. It is a borderless system, and is apart of "The Internet Of Things". The creator of Bitcoin is Satoshi Nakamoto, which could be a single entity, or a corporation of people. The truth is, nobody truly knows!
However, the work of the creator continues to operate, through the hands of all who have adopted the technology, and embrace it. Satoshi's will lives on...
