Bitcoin

Bitcoin is a decentralized digital currency, often referred to as cryptocurrency. It was introduced in a 2008 whitepaper by an unknown person or group of people using the pseudonym Satoshi Nakamoto. Bitcoin is based on a technology called blockchain, which is a distributed ledger that records all transactions across a network of computers.

Key features of Bitcoin include:

1. Decentralization: Bitcoin operates on a peer-to-peer network, meaning there is no central authority or government controlling it. Transactions are verified by network nodes through cryptography and recorded on the blockchain.

2. Limited Supply: There is a capped supply of 21 million bitcoins, making it a deflationary currency. This scarcity is built into the system to control inflation and mimic the scarcity of precious metals like gold.

3. Mining: Bitcoin transactions are verified and added to the blockchain through a process called mining. Miners use powerful computers to solve complex mathematical problems, and in return, they are rewarded with newly created bitcoins. This process helps secure the network and maintain the integrity of the blockchain.

4. Anonymity: While Bitcoin transactions are recorded on the blockchain, the identities of the people involved in transactions are pseudonymous. Users are identified by cryptographic addresses rather than personal information.

5. Security: The use of cryptographic techniques makes Bitcoin transactions secure. The decentralized nature of the blockchain also makes it resistant to censorship and tampering.

Bitcoin can be used for various purposes, including online purchases, investment, and as a store of value. Its value can be volatile, and its regulatory status varies across different countries.

For more info please visit https://bitcoin.org/