Bitcoin ( ₿ ) is a decentralized digital currency , without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public disturbed ledger called a blockchain . The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto . The currency began use in 2009 . when its implementation was released as open-source software . Bitcoins are created as a reward for a process known as mining . They can be exchanged for other currencies, products, and services, but the real-world value of the coins is extremely volatile. Research produced by the university of Cambridge ...