What is Bitcoin?
Bitcoin is a decentralized digital currency, or cryptocurrency, that was created in 2009 by an anonymous individual or group of individuals known as Satoshi Nakamoto.
Bitcoin is the first and most widely used cryptocurrency, and it is based on a peer-to-peer network that allows users to send and receive payments without the need for a third-party intermediary such as a bank or payment processor. Bitcoin transactions are recorded on a public ledger called the blockchain, which is maintained by a network of computers that are connected to each other through the internet. The blockchain is secured through cryptography, which ensures that only authorized users can access it.
Transactions are verified by miners who use specialized hardware to solve complex mathematical problems in order to add new blocks of data to the blockchain. The Bitcoin network is designed to be secure and resistant to manipulation or interference from outside forces. It also has built-in mechanisms for controlling inflation, as well as providing users with privacy and anonymity when making transactions.
Additionally, Bitcoin can be used as an investment asset due to its limited supply and potential for appreciation over time.
