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Bitcoin is a cryptocurrency that was created in 2009. It was the first application to run in a computer based distributed and public ledger technology called Blockchain. Invented by Satoshi Nakamoto, an unknown programmer, or a group of programmers,[1] the Bitcoin White Paper published in October 31st, 2008 proposed: “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution”.[2]

According to the Bitcoin Wiki FAQ, bitcoin is "a distributed peer-to-peer digital currency that can be transferred instantly and securely between any two people in the world. It's like electronic cash that you can use to pay friends or merchants."[3]

The defines: "Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence."[4]

Steem and steem-based dollars (SBD) can be traded for bitcoin on various exchanges, such as Bittrex and Poloniex.


  1. Wikipedia - Bitcoin : Retrieved in August 7th, 2017
  2. Bitcoin: A Peer-to-Peer Electronic Cash System Written by Satoshi Nakamoto in October 31st, 2008
  3. Bitcoin Wiki FAQ : Retrieved in August 7th, 2017
  4. FAQ : Retrieved in February 6th, 2018


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