KEYTAKEAWAYS
Discover Bitcoin, a decentralized digital currency enabling secure, peer-to-peer transactions without traditional banks. Learn its benefits, challenges, and financial impact.
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Definition
Bitcoin is a decentralized digital currency, also known as a cryptocurrency, that operates without the need for a central authority or intermediary. It was invented in 2008 by an unknown person or group of people using the pseudonym Satoshi Nakamoto and released as open-source software in 2009.
Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin can be exchanged for other currencies, products, and services. It is often lauded for its potential to enable secure, peer-to-peer transactions without the need for traditional banking systems. However, it has also faced criticism for its volatility, use in illegal transactions, and environmental impact due to the energy-intensive mining process required to generate new bitcoins.
Despite these challenges, Bitcoin has gained widespread popularity and has paved the way for the development of numerous other cryptocurrencies.
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