Bitcoin
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 is based on a technology called blockchain, which is a public ledger of all transactions that have ever been made in the Bitcoin network.
What is Bitcoin?
Bitcoin is a type of cryptocurrency that can be used to buy goods and services online. It is not controlled by any government or financial institution, making it a truly decentralized form of money. Transactions are made directly between users, without the need for a middleman like a bank or payment processor.
How Does Bitcoin Work?
Bitcoin works on a technology called blockchain, which is a distributed ledger that records all transactions made with the digital currency. When a transaction is made, it is added to a block of previous transactions and then added to the blockchain in a chronological order. This makes it nearly impossible to alter or counterfeit transactions.
Benefits of Bitcoin
There are several benefits to using Bitcoin. It offers lower transaction fees compared to traditional payment methods, faster international payments, and increased privacy. Additionally, the limited supply of Bitcoin (only 21 million will ever be created) makes it a deflationary currency, which means its value could potentially increase over time.
