Bitcoin - Quick Brief

Bitcoin is a decentralized digital currency that was created in 2009 by an anonymous individual or group of individuals using the pseudonym Satoshi Nakamoto. It operates on a technology called blockchain, which is a distributed ledger that records all transactions across a network of computers. Bitcoin is the first and most well-known cryptocurrency, and it serves as a digital form of money that can be used for online transactions.

Unlike traditional currencies issued by governments, Bitcoin is not controlled by any central authority, such as a bank or government. Instead, it relies on cryptographic principles to secure transactions and control the creation of new units. This decentralized nature and limited supply have contributed to Bitcoin's appeal as a store of value and a potential hedge against inflation.

Bitcoin transactions are verified by network participants called miners, who use powerful computers to solve complex mathematical problems. As a reward for their efforts, miners receive newly minted bitcoins. The total supply of Bitcoin is capped at 21 million coins, which adds to its scarcity and potential value over time.

Bitcoin has gained significant attention and adoption globally, with various businesses and individuals accepting it as a form of payment. It has also attracted investors seeking to diversify their portfolios or take advantage of its potential price appreciation. However, Bitcoin's price can be volatile, and its regulatory status varies across different countries. Nonetheless, it remains one of the most prominent cryptocurrencies, shaping the landscape of digital finance.

6th December 2023

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