Bitcoin
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BITCOIN
Bitcoin is a decentralized digital currency that was created by an unknown person or group of people using the pseudonym Satoshi Nakamoto in 2008. It was released as open-source software in 2009. Bitcoin operates on a peer-to-peer network, meaning there is no central authority (like a bank) controlling it. Instead, transactions are verified by network nodes through cryptography and recorded on a public ledger called a blockchain.
Bitcoin is a digital payment system and one of the very popular cryptocurrencies around the globe. It was founded in early 2010 and released as open-source software. Bitcoin is not operated by a single person or an organization; instead, it is operated by everyone in the network of the Bitcoin blockchain, which is typically a P2P network. Bitcoin gave us the first glimpse of the blockchain, and it is the first decentralized digital currency whose ledger is maintained by blockchain.
Here are some key points about Bitcoin:
- Decentralized: No central authority controls Bitcoin, and it's not issued by any government or financial institution.
- Blockchain: Bitcoin transactions are stored in blocks and linked together in a chronological chain (the blockchain), making it transparent and secure.
- Mining: Bitcoin is created through a process called mining, where powerful computers solve complex mathematical problems to validate transactions and add new blocks to the blockchain. Miners are rewarded with newly minted bitcoins.
- Supply Limit: The total supply of Bitcoin is capped at 21 million, which makes it a deflationary asset (scarcity-driven value).
- Ownership: Bitcoin is stored in a digital wallet. Each wallet has a private key (used to access the funds) and a public key (which is shared to receive Bitcoin).
- Volatility: Bitcoin's price is highly volatile, often experiencing large swings in value over short periods.
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