Bitcoin – What Is It and What Does It Mean to Business?
What is Bitcoin?
Bitcoin is a digital-only currency, or “cryptocurrency,” created in 2009. It has many (or perhaps all) of the characteristics of any currency, except it’s 100% digital and that it isn’t controlled by any bank or government—Bitcoin exists without any institutional support and parties transact without requiring a trusted third party, such as a bank. This is because the mechanism for recording Bitcoin transactions, which is called Blockchain, is secure and reliable.
These fundamental differences haven’t stopped people from using it: the total value of Bitcoins in circulation is now over $190Bn!
To find out more about Bitcoin and other cryptocurrencies, and what they’ll mean to your business moving forward, read our CEO’s Briefing: