#BSCOnTheRise
Bitcoin (abbreviated BTC; symbol: ₿) is the first decentralized cryptocurrency. It can be sent from person to person over the Bitcoin network in a peer-to-peer manner without the need for a third party. Network transactions are verified using cryptography and recorded in a distributed ledger called the blockchain without a central authority to oversee them. Consensus between nodes is achieved using a computationally intensive proof-of-work process known as mining that secures the Bitcoin blockchain. Mining consumes large amounts of electricity and has been criticized for Bitcoin's environmental impact
Based on free market ideology, Bitcoin was invented in 2008 by an anonymous person known as Satoshi Nakamoto. Bitcoin came into use as a currency in 2009, when its application was released as open source software. In 2021, El Salvador adopted it as legal tender. It is often viewed as an investment and has been described by many scholars as an economic bubble. Since Bitcoin is used under pseudonyms, it has been used by criminals, which has drawn the attention of regulatory authorities, leading to its ban in many countries as of 2021.
