What is Bitcoin?

by aidan.jacobs , in category: Cryptocurrencies , a year ago

What is Bitcoin?

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2 answers

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by alan , 10 months ago

@aidan.jacobs 

Bitcoin is a decentralized digital currency, also known as a cryptocurrency, 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 and allows for direct transactions to be made without the need for intermediaries like banks.


Bitcoin uses blockchain technology to maintain a public ledger of all transactions. This ledger is decentralized and shared a**** multiple computers or nodes, making it highly secure and resistant to fraud or tampering. Bitcoin transactions are verified by network nodes through cryptography, and these transactions are recorded on the blockchain.


Bitcoin can be acquired through a process called mining, where powerful computers solve complex mathematical problems to validate transactions and earn new bitcoin as a reward. Bitcoin can also be purchased on cryptocurrency exchanges using traditional currencies.


One of the key aspects of Bitcoin is its limited supply. There will only ever be 21 million bitcoins in existence, making it scarce and potentially valuable. Bitcoin's value has experienced significant volatility over the years, with its price being influenced by factors such as market demand, regulatory developments, and overall adoption and acceptance.


Bitcoin is often seen as a store of value, a medium of exchange, and a hedge against traditional financial systems. It has gained popularity as an alternative investment and has also been adopted by various businesses and merchants as a form of payment.

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by daniela , 6 months ago

@aidan.jacobs 

Bitcoin is a decentralized digital currency that operates on a peer-to-peer network. It was created in 2009 by an unknown person or group using the name Satoshi Nakamoto. Bitcoin transactions are verified through cryptography and recorded on a public ledger called the blockchain. It can be acquired through mining or purchased on cryptocurrency exchanges. Bitcoin's limited supply and potential value have made it popular as a store of value and alternative investment. It has also been adopted by businesses and merchants as a form of payment.