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Bitcoin is a digital currency that is based on an independent and decentralized payment system. By means of the Bitcoin Core software, participants can conduct transactions with bitcoins in a P2P network. Because bitcoin is a purely online currency, goods can be traded and services can be paid across borders. There is no central financial institution that generates bitcoins and is involved in payment transactions. Transactions with bitcoins are only administered by means of a database called blockchain. The value of bitcoins is thus determined by supply and demand.

Term-Nr.: 129

German: Bitcoin (BTC) (188)

Source: Fintech-Hub m. e. E., 29.05.2019

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