Bitcoin

Key Takeaways

• Bitcoin is the first cryptocurrency to be ever created. It was created in 2008 and launched in 2009 by pseudonymous Satoshi Nakamoto.

• Bitcoin runs on blockchain technology, which works like a public ledger. All Bitcoin transactions are verified by a network of nodes spread around the world.

• Bitcoin is decentralized, transparent, and open source, making it a popular alternative to traditional financial systems.

What Is Bitcoin?

Bitcoin is essentially digital money. It is the first cryptocurrency ever created, announced in 2008 (and launched in 2009). Bitcoin allows users to send and receive digital money called bitcoins (with a lowercase b, or BTC for short).

Unlike traditional fiat currencies issued by governments (like dollars or euros), Bitcoin is decentralized, meaning no single institution, government, or entity controls it. Transactions are conducted peer-to-peer, removing the need for banks or financial institutions to act as intermediaries.

What makes Bitcoin highly appealing is its inherent resistance to censorship, the impossibility of double-spending funds, and the ability to conduct transactions anytime and anywhere.

https://academy.binance.com/en/articles/what-is-bitcoin