WHAT IS BITCOIN?
Bitcoin is a digital currency and is referred to as "cryptocurrency" by many people. It was introduced in 2008 in an article written by a person or group using the pseudonym Satoshi Nakamoto and was implemented in 2009. Bitcoin is built on an open source system that is not controlled by a central authority or government.
Essentially, Bitcoin is based on a blockchain. Blockchain is a type of public ledger that records all Bitcoin transactions in chronological order. This ledger is shared among all users on the network and requires the consensus of the network for any changes.
One of the distinctive features of Bitcoin is its mining process. Miners earn rewards by verifying transactions and adding new blocks to the blockchain. However, the reward amount decreases with an event called "halving" that occurs every four years.
Bitcoin can be stored, sent and received through digital wallets. Additionally, it is accepted as a payment method in many places and used as an investment tool. However, due to its volatility and regulatory uncertainty, it is recommended to handle it with caution.
