What is Bitcoin?
Bitcoin is a decentralized digital currency, also known as a cryptocurrency, that was created in 2009 by an unknown person or group using the name Satoshi Nakamoto. It is based on a peer-to-peer network that allows for the creation and transfer of digital assets without the need for intermediaries such as banks or governments.
Transactions are verified by network nodes through cryptography and recorded on a public ledger called a blockchain. The security and reliability of the Bitcoin network is maintained through a consensus mechanism called Proof of Work, where miners compete to solve complex mathematical problems in exchange for newly created Bitcoin.
Bitcoin can be used for a variety of purposes, such as buying goods and services, investment, or as a store of value. It has gained popularity due to its decentralized nature, limited supply, and the ability to transfer value across borders quickly and with minimal fees. However, it is also known for its volatility and the potential for its value to fluctuate rapidly.