Bitcoin is a decentralized digital currency that was created in 2009 by an unknown person or group of people using the pseudonym Satoshi Nakamoto. It operates on a peer-to-peer network, allowing users to send and receive payments without the need for a central authority or intermediary, such as a bank.
Bitcoin transactions are recorded on a public ledger called the blockchain, which is maintained by a network of computers known as nodes. Each transaction is verified by network participants through a process called mining, where powerful computers solve complex mathematical problems to validate transactions and add them to the blockchain.
One of the key features of Bitcoin is its limited supply. There will only ever be 21 million bitcoins in existence, making it a deflationary asset. This scarcity, combined with increasing demand, has led to significant price volatility and speculation in the cryptocurrency market.
Bitcoin can be used for various purposes, including online purchases, investment, and remittances. It has gained popularity as a store of value, often referred to as “digital gold,” due to its potential to hedge against inflation and economic instability.
Despite its advantages, Bitcoin faces challenges such as regulatory scrutiny, security concerns, and scalability issues. However, it continues to evolve, with ongoing developments in technology and infrastructure aimed at improving its usability and adoption.
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