What is Bitcoin?

To cut through a number of the confusion encompassing bitcoin, we'd like to separate it into 2 elements. On the one hand, you've got bitcoin-the-token, a snipping of code that represents possession of a digital conception – type of sort of a virtual note. On the opposite hand, you've got bitcoin-the-protocol, a distributed network that maintains a ledger of balances of bitcoin-the-token. each square measure spoken as "bitcoin."

Source (Third Party)

The system permits payments to be sent between users while not passing through a central authority, appreciate a bank or payment entry. it's created and control electronically. Bitcoins are not written, like greenbacks or euros – they are created by computers all round the world, victimization free package.

It was the primary example of what we have a tendency to these days decision cryptocurrencies, a growing quality category that shares some characteristics of ancient currencies, with verification supported cryptography.

Who created it?

A onymous package developer going by the name of Satoshi Nakamoto projected bitcoin in 2008, as associate degree electronic payment system supported proof. the thought was to provide a way of exchange, freelance of any central authority, that might be transferred electronically in an exceedingly secure, verifiable and immutable  means.

To this day, no-one is aware of WHO Satoshi Nakamoto extremely is.

In what ways in which is it totally different from ancient currencies?

Bitcoin is wont to get hold of things electronically, if each parties square measure willing. therein sense, it's like standard greenbacks, euros, or yen, that also are listed digitally.