Question

are defined as a​ "peer-to-peer decentralized digital​ currency." The supply of bitcoins is not controlled by the government or any other central agency. The value of each bitcoin is determined on the basis of supply and demand and is defined in terms of dollars. New bitcoins can be generated through a process called​ "mining." However, new bitcoins will not be created once there are a total of 21 million bitcoins in existence. Some commentators feel that bitcoins can eventually replace most of the major currencies in the world.

Answer 1

Step-by-step explanation:

Bitcoins are defined as a​ peer-to-peer decentralized digital​ currency.

A decentralized currency and digital currency is a currency that is not controlled by anybody, it does not need a third party like a central bank or an administrator for the transfer of money or any commodity. Bitcoin is an example of decentralized digital​ currency because the transfer of bitcoin do not need intermediaries and its supply is not controlled by the government or any other central agency. Bitcoin has a total of 21 million coins that can exist. New bitcoins are created by mining so as to reach the maximum of 21 million.