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Bitcoinsis a payment system introduced as open-source software in 2009 by developer Satoshi Nakamoto.The payments in the system are recorded in a public ledger using its own unit of account, which is also called Bitcoins

Bitcoinsare created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger.

Bitcoin as a form of payment for products and services has seen growth, and merchants have an incentive to accept the digital currency because fees are lower than the 2-3% typically imposed by credit card processors.