Bitcoin (BTC) was the first cryptocurrency created in 2008 by an anonymous person or group using the pseudonym Satoshi Nakamoto and released as open source software in 2009. As a decentralized digital currency, Bitcoin aims to be an alternative to traditional financial systems.
Bitcoin operates on a distributed ledger technology called blockchain. Blockchain is a publicly accessible database where all Bitcoin transactions are recorded. In this way, Bitcoin transactions occur in a transparent, secure and immutable manner. Bitcoin's supply is limited to 21 million, which reduces the risk of inflation and creates scarcity value.
New coins are produced through a process called Bitcoin mining. Mining is done through computers that verify blocks and add them to the blockchain by solving complex mathematical problems. This process also ensures the security of transactions and protects the integrity of the network.
One of the most distinctive features of Bitcoin is that it can be transferred directly between people without the need for a central authority or intermediary. This is a huge advantage, especially for people living in regions with limited access to financial systems. Additionally, Bitcoin's low transaction costs and fast transfer times make it attractive for international payments.
Bitcoin has experienced a great increase in value over the years and has also gained popularity as an investment tool. Particularly large price increases in 2017 and 2020 have caused Bitcoin to attract the attention of the media and the general public. However, the price of Bitcoin is quite volatile and can be subject to large fluctuations.
Bitcoin adoption is increasing with many large companies and financial institutions around the world starting to offer Bitcoin-related services.
