This is a two-part article on Bitcoin, Cryptocurrency and Initial Coin Offering.

WHAT IS BITCOIN? WHO INVENTED BITCOIN?
Satoshi Nakamoto, a software developer, believed to be a pseudo-name used by the unknown person or people who designed Bitcoin.

WHAT PROMPTED BITCOIN?
Following the crisis in 2008 in US, people who lost money in the financial markets, has begun to lose confidence in fiat currency (paper currency) and began to question whether having a central government actually helps to protect our wealth. These group of people began to think of an alternative currency not managed by any government but managed using completely decentralized organizational structure and perfect anonymity.

In a decentralized monetary system, the total issuance of bitcoin is not determined by anyone but by the society at large.

The total number of Bitcoins is determined at the start does not go beyond the number of 21 million coins.

Bitcoin has a fixed supply of a maximum of 21 million coins.

IS BITCOIN A CURRENCY?
Bitcoin is not a currency because it does not have any central government’s control. All the currencies in the world issued by countries under the control of its government.

Also, Bitcoin does not provide its investors with interest rate return as opposed to keeping money in banks.

However, Bitcoin is considered as a digital currency, and known as also a cryptocurrency.

WHAT IS CRYPTOCURRENCY?
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