What is Bitcoin?
Bitcoin is a digital currency that employs cryptography to verify and secure transactions. It was created in 2009 by an individual or group using the name Satoshi Nakamoto. The currency is decentralized, which means any central authority or financial institution does not govern it.
Transactions on the Bitcoin network are recorded on a publicly accessible ledger known as the blockchain. These transactions are verified through complex cryptography processes and are recorded permanently on the blockchain.
Bitcoin can be purchased and sold on cryptocurrency exchanges or used as payment for goods and services from businesses that accept it. Bitcoin's value has been highly volatile, with its price experiencing significant fluctuations. Some view Bitcoin as a store of value or a hedge against inflation, while others regard it as a speculative investment.
Facts About Bitcoin
Bitcoin was created in 2009 by an unknown person or group using the name Satoshi Nakamoto.
Bitcoin is decentralized, meaning any government or financial institution does not control it.
Transactions on the Bitcoin network are recorded on a public ledger called the blockchain.
Bitcoin transactions are verified by network nodes through cryptography and recorded on the blockchain.
Bitcoin can be bought and sold on cryptocurrency exchanges or used to purchase goods and services from merchants who accept it as payment.
Bitcoin's value has been volatile, with significant fluctuations in price over time.
Some people view Bitcoin as a store of value or a hedge against inflation, while others view it as a speculative investment.
Bitcoin mining uses computing power to solve complex mathematical problems and earn Bitcoin as a reward.
Bitcoin's supply is limited to 21 million coins, with approximately 18.7 million circulating.
Hungry for more? Join me each week, where I’ll break down complex topics and dissect the latest news within the cybersecurity industry and blockchain ecosystem, simplifying the world of tech.