Bitcoin is a decentralized digital currency created in 2009 by an unknown person or group using the pseudonym Satoshi Nakamoto. It operates on a peer-to-peer network that enables users to send and receive payments without the need for a central authority, such as a bank or government. Transactions are recorded on a public ledger called the blockchain, which ensures transparency and security through cryptographic techniques.
Bitcoin can be exchanged for other currencies, products, and services, and it is often referred to as a cryptocurrency. It has a fixed supply limit of 21 million coins, making it deflationary in nature. Bitcoins can be obtained through mining, where powerful computers solve complex mathematical problems to validate and record transactions, or by purchasing them on cryptocurrency exchanges.
As a pioneer in the cryptocurrency space, Bitcoin has inspired thousands of other cryptocurrencies and has become a significant financial instrument and a store of value for many investors. Its price can be highly volatile, leading to both considerable gains and losses. Bitcoin is sometimes referred to as “digital gold” due to its perceived value and scarcity.
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