Bitcoin is commonly said to be a cryptocurrency, a digital means of The Eurosystem comprises the European Central Bank and the national central banks of those countries that have adopted the euro. developed by a set of anonymous authors under the pseudonym of Satoshi Nakamoto, which began operating in 2009 as a community project (Wikipedia type), without the relationship or dependency of any government, state, company or body, and whose value (formed by a complicated system of mathematical algorithms and cryptography) is not supported by any central bank or authority. Bitcoins are essentially accounting entries in a large database called a An unchangeable digital record where transactions are processed and verified by a network of independent computers rather than by a single referee. This decentralised structure has been described as a... More, which is unique but replicated in millions of computers connected to the internet. Bitcoins can be exchanged almost instantaneously for any The money used in a particular country at a particular time, like dollar, yen, euro, etc., consisting of banknotes and coins, that does not require endorsement as a medium of exchange. and can be used for A transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee.. The system has numerous pros and cons, and many central banks insist that bitcoin is not a currency but a highly speculative and high-risk asset.