What is Bitcoin
Bitcoin is popularly known as a digital currency that operates free of any central control or the supervision of governments or banks. Instead, it relies on peer-to-peer cryptography and software. Created in 2009 by a pseudonymous person, Satoshi Nakamoto, Bitcoin is the first victorious decentralized cryptocurrency and payment method worldwide. Understanding Bitcoin: BTC (Bitcoin) is a virtual currency designed to act as money and a structure of payment outside the control of any person, entity, or group. Additionally, it removes the need for third-party participation in financial transactions. After its launch, Bitcoin has become the most popular cryptocurrency in the world. Its universality has inspired the development and progress of many other cryptocurrencies. These competitors either use it as a security token or a utility in other blockchains or attempt to replace it as a payment system. When discussing cryptocurrency, the term ‘decentralized’ is ...