Bitcoin is the first and most well-known cryptocurrency, created in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto. It operates on a decentralized network of computers (nodes) and utilizes blockchain technology to record transactions securely.
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Key features of Bitcoin include:
Decentralization: Bitcoin is not controlled by any government or financial institution, which gives users more autonomy.
Blockchain: All Bitcoin transactions are recorded on a public ledger called the blockchain, ensuring transparency and security.
Limited Supply: There will only ever be 21 million bitcoins in existence, which contributes to its value and scarcity.
Mining: New bitcoins are created through a process called mining, where computers solve complex mathematical problems to validate and add transactions to the blockchain.
Pseudonymity: While transactions are recorded publicly, users' identities are not directly tied to their Bitcoin addresses, offering a level of privacy.
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