Bitcoin is a decentralized digital currency, also referred to as a cryptocurrency, that enables peer-to-peer transactions over the internet without the need for a central authority, such as a bank or government. It was invented in 2008 by an anonymous entity known as Satoshi Nakamoto and was released as open-source software in 2009. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called the blockchain.
Bitcoin operates on a principle of scarcity, with a maximum supply capped at 21 million coins, which are generated through a process called mining. Its design allows for anonymity and security, as users can transact pseudonymously with unique cryptographic keys. Bitcoin has gained popularity as both a medium of exchange and a store of value, often being referred to as “digital gold.”
Since its inception, Bitcoin has led to the creation of thousands of alternative cryptocurrencies and has significantly influenced the development of blockchain technology and digital assets. Its value can be highly volatile, leading to speculation and investment in the cryptocurrency market.
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