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A project of our size needs at least a few hundred million dollars per year to keep going,ā Mr. Durov wrote in his public channel on Telegram late last year. āWhile doing that, we will remain independent and stay true to our values, redefining how a tech company should operate.
What Is Bitcoin?
Bitcoin is a decentralized digital currency that you can buy, sell and exchange directly, without an intermediary like a bank. Bitcoinās creator, Satoshi Nakamoto, originally described the need for āan electronic payment system based on cryptographic proof instead of trust.ā Each and every Bitcoin transaction thatās ever been made exists on a public ledger accessible to everyone, making transactions hard to reverse and difficult to fake. Thatās by design: Core to their decentralized nature, Bitcoins arenāt backed by the government or any issuing institution, and thereās nothing to guarantee their value besides the proof baked in the heart of the system. āThe reason why itās worth money is simply because we, as people, decided it has valueāsame as gold,ā says Anton Mozgovoy, co-founder & CEO of digital financial service company Holyheld.
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