Bitcoin is a decentralized digital currency that enables peer-to-peer transactions without the need for a central authority or intermediaries like banks. It was invented in 2008 by an unknown person or group of people using the pseudonym Satoshi Nakamoto and was released as open-source software in 2009.
Bitcoin transactions are recorded on a public ledger called the blockchain, which is maintained by a network of nodes running the Bitcoin software. This blockchain ensures transparency and security by cryptographically verifying and timestamping transactions.
Bitcoins are created through a process called mining, where participants use powerful computers to solve complex mathematical puzzles. Mining is how new bitcoins are issued and how transactions are confirmed on the network.
Bitcoin has gained popularity as a store of value and a means of transferring value globally due to its limited supply, pseudonymous nature, and borderless nature. However, its price can be highly volatile, and it has faced regulatory scrutiny in some jurisdictions.
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