Description: Bitcoin is a peer-to-peer online payment system, which is used in Forex in two ways: as a payment method and as a trading instrument (BTC/USD).
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Bitcoin, which is the name given to one unit of the virtual currency, can be divided further into subunits (similar to cents and pennies), the smallest of which is referred to as a satoshi (one hundred millionth of a bitcoin). The bitcoin protocol and reference software (free and open-source), which works on any computer or smart phone, was developed from the one that had been introduced in 2008 by pseudonymous inventor known as Satoshi Nakamoto .
The currency is secured by cryptography thereby making it impossible to duplicate. To begin using bitcoin, a user can sign-up for a free account with any of the bitcoin wallet providers ( Blockchain.com and Coinbase are the popular ones). Once signed up, a unique 34-character address (a combination of letters and numbers) is assigned to the user. Alternatively, for better security, a user can download an appropriate wallet and store the bitcoins offline (so called cold storage ).