Answer:
Bitcoin is a digital currency, often referred to as a cryptocurrency, that was created in 2009 by an unknown person or group of people using the pseudonym Satoshi Nakamoto. It operates on a decentralized network called blockchain technology, which is a distributed ledger that records all transactions across a network of computers.
Unlike traditional currencies issued by governments (such as the US dollar or the Euro), Bitcoin is not controlled by any central authority like a central bank. Instead, it relies on cryptographic principles to secure transactions and control the creation of new units.
Bitcoins are created through a process called mining, where powerful computers solve complex mathematical problems to validate and record transactions on the blockchain. This process also releases new bitcoins into circulation.
Bitcoin transactions are conducted directly between users without the need for intermediaries like banks. Each transaction is recorded on the blockchain, making it transparent and immutable.
Bitcoin has gained popularity as a form of digital currency for various reasons, including its potential for financial privacy, its decentralized nature, and its ability to facilitate international transactions quickly and relatively cheaply. However, it has also been subject to volatility in its value, regulatory scrutiny, and concerns about its use in illegal activities due to its pseudonymous nature.
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ANSWER :)
Bitcoin is a decentralized digital currency that is exchanged between two parties without involving intermediaries like banks or other financial institutions.
As defined in a whitepaper released by the hidden inventor of Bitcoin, Satoshi Nakamoto, Bitcoin is “a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution”.
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