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Bitcoin is a decentralized digital currency, often referred to as cryptocurrency. It operates on a technology called blockchain, which is a distributed ledger enforced by a network of computers (nodes). Bitcoin transactions are recorded on this blockchain, and its scarcity is ensured by a process called mining, where powerful computers compete to solve complex mathematical problems.

Cryptocurrency is a broad term for digital or virtual currencies that use cryptography for security. Bitcoin is the first and most well-known cryptocurrency, created in 2009 by an unknown person or group using the pseudonym Satoshi Nakamoto. It serves as a decentralized and peer-to-peer form of electronic cash, enabling secure and transparent transactions without the need for intermediaries like banks. Other cryptocurrencies, often called alt coins, have since been developed, each with its own unique features and purposes.