Bitcoin is built on the notion that money is any object, or any IQmining Review sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic grouping. Bitcoin uses cryptography, or mathematical equations, to control the creation and transfer of money, rather than relying on governments and central banking authorities. Transfers for loans, sales, purchases or any other methods of payment can be processed by anybody, using a desktop, smart phone, tablet, or laptop. This is all possible without the need for a financial institution to act as an intermediary or recording agent. Created in 2009, Bitcoin is a digital currency introduced as open source software by an MIT student named Satoshi Nakamoto. There is much speculation as to whether Satoshi is an actual person, or a collection of individuals using a pseudonym. Bitcoin are minted by a process termed mining, in which specialized computer hardware complete complex mathematic equations and are rewarded with a block of bitcoins.

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