Bitcoin: A Decentralized Digital Currency
Bitcoin is a decentralized digital currency that was created in 2009 by an unknown person or group of people using the name Satoshi Nakamoto. It operates on a peer-to-peer network without the need for a central authority or intermediary.
What is Bitcoin?
Bitcoin is often referred to as a cryptocurrency because it uses cryptography to secure transactions and control the creation of new units. It is also known as a digital currency, virtual currency, or electronic money.
How Does Bitcoin Work?
Bitcoin transactions are verified by network nodes through cryptography and recorded on a public ledger called a blockchain. Transactions are added to blocks, which are then added to the blockchain in a chronological order.
Benefits of Bitcoin
One of the main benefits of Bitcoin is that it allows for fast, secure, and low-cost transactions without the need for a central authority. It also provides a level of anonymity for users and can be used as a store of value.
