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FinTech

How does the bitcoin economy work?

Australian tech entrepreneur Craig Wright told the BBC that he was the creator of bitcoin, but some skepticism remains about the identity of a person who until now has gone by the name of Satoshi Nakamoto. Will this impact the bitcoin economy? Moreover, why does this digital marketplace fluctuate so much?

Bitcoin is a digital “cryptocurrency” that enables payment in a decentralized peer-to-peer (P2P) network that is powered and approved by the consensus of its users. There is no central authority or middleman that controls it.

The graphic below explains how the bitcoin economy works.

Bitcoin infographic


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