Bitcoin is a digital currency, also known as a cryptocurrency, that was created in 2009 by an unknown person or group using the pseudonym Satoshi Nakamoto. It is a decentralized form of currency, meaning it is not controlled by a central authority like a government or bank.
Bitcoin transactions are recorded on a public digital ledger called the blockchain, which is maintained by a network of computers around the world. This makes Bitcoin transactions transparent and verifiable while ensuring that they cannot be easily tampered with.
Unlike traditional currencies, Bitcoin is not backed by a physical commodity or government, and its value is determined by supply and demand in the market. Bitcoin can be used to purchase goods and services, traded for other currencies, or held as an investment.
Bitcoin has gained popularity due to its decentralized nature and the potential for anonymity in transactions. However, it has also faced criticisms for its lack of regulation and potential for use in illegal activities.