WHAT IS BITCOIN?
Bitcoin is a decentralized form of digital peer to peer
Bitcoins are saved in downloaded digital wallets,
either on a user’s computer or in a cloud location,
with transactions verified by a global network of
Bitcoin.org registered by ‘Satoshi Nakamoto’
Bitcoin v0.1 released and first transaction
First Bitcoin market established and trading commenced
First physical product purchased using Bitcoin
Bitcoin economy passes US $1 million
Bitcoin value equals the US dollar
Bitcoin market capitalization passes US $1 billion
First Bitcoin ATM opens in Canada
A BRIEF HISTORY OF BITCOIN
HOW DO YOU USE
You can use Bitcoin to buy things via electronic peer
to peer transactions without going through a bank,
financial institution or government.
Transactions are logged against each Bitcoin user’s
unique 34-character address to ensure there is no
duplicate use of Bitcoins.
You can buy music, books, online games, and even
order a pizza online with Bitcoin.
WHO CREATED BITCOIN?
Santonshi Nakamoto created
Bitcoin, but no one knows who
The name is believed to be an
The first developer of Bitcoin released software that
could digitally send, receive and store bitcoins.
Bitcoin is now maintained by a community of
developers around the world who ‘mine’ for coins
via open source software.
Electronic Bitcoin marketplaces exist where Bitcoins
can be bought or sold in different currencies.
HOW IS BITCOIN CREATED?
Across the internet,
the currency by
computers to solve
The value is
determined by the
number of bitcoins
Is it time to coin a new approach to
LinkedIn Influencer and chief executive of CPA Australia Alex
Malley FCPA looks at the virtual currency dilemma. READ MORE
Alex Malley FCPA is the chief executive of CPA
Australia and the host of the Nine Network
television series The Bottom Line.
Alex is also a regular contributor to The
Huffington Post and he is a regular business
commentator on the nationally syndicated
programs The Money News on 2GB and Sky