Bitcoin - Page 497
Bitcoin is a decentralized digital currency, created in 2009 by an anonymous person or group of people using the pseudonym Satoshi Nakamoto. It operates on a peer-to-peer network that allows users to send and receive payments without the need for a central authority such as a bank or government. Bitcoin transactions are verified by network nodes through cryptography and recorded on a public ledger known as the blockchain.Unlike traditional currencies, Bitcoin is not printed or issued by any central authority; instead, it is generated through a process called mining, where powerful computers solve complex mathematical problems. Bitcoin has a limited supply, capped at 21 million coins, which contributes to its value proposition as a form of "digital gold."Bitcoin can be used for various purposes, including online purchases, investment, and remittances, and it is seen as an alternative monetary system and a way to hedge against inflation. Its value is known for being highly volatile, and it has garnered significant attention from both individuals and institutional investors. As a pioneering cryptocurrency, Bitcoin has paved the way for the development of thousands of other digital currencies.
