into what we know as money now enter into the world of equations in two thousand and eight the tashi nakamoto an anonymous person or possibly persons first described a peer to peer electronic cash system and this became the basis of big coins which are a decentralized digital currency that enables payments without the need for central authorities and issuers beautiful right most currencies and the modern air are based meaning that they are not backed by a commodity but they are declared to be legal tender by a government that means that you can use them to settle debts pay for goods and services and pay your taxes because things are not backed by any central authority or even a commodity their value assembling determined by mutual exchange and you may wonder how you get that coins for people willing to use their computers and pay to run the electricity even. you can earn a newly minted coins this is done according to a complex algorithm that verifies bitcoin transactions called. hackers can attempt to overrun the resulting transaction but as long as there are enough honest users in the system