BitCoin is a new electronic currency. BitCoin is a cryptographic decentralized electronic unit which has no issuing center; all operations are made on the basis of so-called peering technology communication P2P.
The system start time - 2009. Creators - Satoshi Nakamoto, Gavin Andresen, Pieter Wuille, Nils Schneider, Jeff GarzikиWladimir J. van der Laan. The idea of such currency was earlier manifested by Wei Dai in 1998.
The currency symbols of BitCoin are BTC.
Unlike standard electronic currency BitCoin system has no bodies of control, respectively, the instability is minimal. The issue of new title BitCoin characters is limited (limited bitkoin 21 million), programmed and known to all participants in the system. As BitCoin system is based on the principle of limited total number of coins, currency is subjected to deflationary process. This predictable deflation stimulates to use BitCoin accumulation for speculations.
BitCoin system has no mandatory charges. Users are allowed to set any payment fee they want.
In early 2011, 1 BitCoin market price was 1 USD, but in the middle of the year on the peak of its popularity they gave 18 USD for 1 BitCoin.
Considering that the BitCoin system code is open, the alternative crypto currencies such as GeistGeld, Namecoin, SolidCoin and Tenebrix have been created.