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What is Bitcoin?

What is bitcoin?today most people's ask about what is bitcoin ; bitcoin is is a digital currency or virtual money was created in 2009, by Satoshi Nakamoto from JAPAN. Bitcoin can use for fast payments and micropayments at very low cost, and avoids the need for central authorities and issuers. What is the same??If you understand about e-gold,paypal..etc, bitcoin work like this online payment.

Bitcoin or Bitcoin Mining is digitally signed transactions, with one node signing over some amount of the currency to another node, are broadcast to all nodes in a peer-to-peer network. A proof-of-work system is used as measurement against double-spending and initial currency distribution mechanism. The BitCoin is a peer-to-peer resolution for the difficultys which are seen in system of virtual money (bitcoin mining is a new idea). Bitcoin is a peer-to-peer currency. Peer-to-peer means that no central authority issues new money or tracks transactions.

on July 2011, more than 6.8 million bitcoin in existence around the world. Bitcoin/Bitcoin Mining in existence are those represented in the block chain database passed around on the peer to peer network, the number is not only easy to determine, but can be quickly determined with precision by all participants.