lore the origins, features, and significance of Bitcoin as the pioneer of the cryptocurrency movement.
What is Bitcoin?
Bitcoin is a digital currency created in 2009 by an anonymous person or group known as Satoshi Nakamoto. It allows peer-to-peer transactions without intermediaries.
How Bitcoin Works
Bitcoin transactions are recorded on a public blockchain. Miners validate transactions by solving cryptographic puzzles (Proof of Work) and add blocks to the chain.
Key Features of Bitcoin
- Decentralized: No central authority controls Bitcoin.
- Limited Supply: Only 21 million bitcoins will ever exist.
- Security: Secured by cryptography and the network’s computational power.
- Transparency: All transactions are publicly recorded.
Bitcoin’s Impact on Finance
Bitcoin paved the way for thousands of cryptocurrencies and introduced the concept of decentralized finance, disrupting traditional financial systems.
Understanding Bitcoin is essential to grasp the fundamentals of cryptocurrency and its revolutionary impact on money.
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