What is Bitcoin?

Bitcoin is a decentralized cryptocurrency that was created in 2009. It is a peer-to-peer digital currency without the need for any intermediary to permit or facilitate transactions. Bitcoin was created to allow “online payments to be sent directly from one party to another without going through a financial institution.” Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use. Unlike traditional fiat currencies such as USD, which are backed by central governments, Bitcoin is not subject to manipulation or control by any single entity. Instead, it is powered by a global network of computers that work together to verify and confirm transactions. Because of this decentralization, Bitcoin is considered to be a more secure and efficient way of conducting transactions than traditional fiat currencies. As a result, Bitcoin has become popular among people who are looking for an alternative to traditional fiat currencies and who value privacy and security.

Bitcoin's original inventor is known under a pseudonym, Satoshi Nakamoto. The true identity of the person — or organization — that is behind the alias remains unknown. Bitcoin is a cryptocurrency, a form of digital asset or money that can be exchanged in a decentralized manner. Bitcoin was the first cryptocurrency to be created, and it remains the most popular and valuable digital currency today. Nakamoto published Bitcoin's whitepaper in 2008, which described how a peer-to-peer, digital currency could be implemented using blockchain technology. In 2009, Nakamoto mined the first block on the Bitcoin network, known as the genesis block, thus launching Bitcoin. Bitcoin price was $0 when first introduced, and most Bitcoins were obtained via mining, which only required a computer and an internet connection. Bitcoin can be used to purchase goods and services online, or it can be held as an investment. Bitcoin is a volatile asset, and its price has fluctuated dramatically over its history.