Bitcoin – what is it and what does it mean to businesses?
What is Bitcoin?
Bitcoin is a “crypto currency” that was created in 2009. It has many (or perhaps all) of the characteristics of a currency. The total value of Bitcoins in circulation is now over $190Bn, and it is widely used as a currency around the world, every day!
Specifically Bitcoin is based on sophisticated maths which limits the number of Bitcoins that can ever be produced. And the mechanism for recording Bitcoins transactions, which is called Blockchain, is secure and reliable.
These things make Bitcoin very much like an ordinary currency, but Bitcoin is unusual as conventional currencies are controlled by banks and governments. Bitcoin exists without any sponsorship like this and parties transact without requiring a trusted third party (such as a bank) at all….
Read the full CEO’s Briefing on Bitcoin here:
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