Introduced in 2009, Bitcoin is an online, digital currency which doesn’t have a central bank or ownership and is often referred to as a peer-to-peer payment system. Bitcoins are generated through a process known as "mining." This involves using specific software to solve maths problems. When a maths problem is solved, the "miner" is rewarded with a Bitcoin. These Bitcoins can then be exchanged for goods and services. Although the number of companies who accept Bitcoins is currently limited, as the currency becomes more well known the number is growing. Bitcoins can also be bought using other currencies. Bitcoin is also a "crypto-currency" which means it uses cryptography to drive the production of Bitcoins and Bitcoin transactions. This makes the currency extremely secure. The "block chain," which is effectively a public book of accounts, is used to check that genuine Bitcoins are being exchanged in all transactions. Bitcoin benefits from no limits of exchange as users can perform instant transactions at an
Bitcoin to Azerbaijani manat conversion
this page last updated:: Thr 28 Sep 2017Bitcoin to Azerbaijani manat table - Click here for table options
The word "manat" comes from the Russian for coin "moneta" pronounced "maneta." Prices in Azerbaijan are often shown in old and new Manat to help with the change of currency. Due to the economic depression of 1921, a banknote of 10 billion Manat was issued in 1923-1924. This is the only time in the history of cash circulation that this has happened.