techstudypointBitcoin is a type of digital currency, or cryptocurrency, that operates without a central bank or government. It was created in 2009 by an anonymous person (or group) using the name Satoshi Nakamoto.
Here’s a breakdown of what makes Bitcoin unique:
🔐 Decentralized and Trustless
- No bank or authority controls Bitcoin.
- It’s powered by a network of computers (nodes) that verify transactions.
- Trustless means you don’t need to trust a middleman—math and code ensure the rules are followed.
📒 Blockchain Technology
- All Bitcoin transactions are recorded on a public ledger called the blockchain.
- Everyone can view it, and once data is added, it can’t be changed.
- Think of it as a shared Google Doc that no one can edit without consensus.
💰 Limited Supply
- There will only ever be 21 million Bitcoins.
- New bitcoins are created through a process called mining—basically solving complex math problems.
- As of now, most have already been mined.
📈 Why People Care About It
- Seen as digital gold—a store of value.
- Some use it for investment, others for payments, and some like it for its privacy and freedom from banks.
- It’s volatile—prices can rise or fall dramatically.
⚠️ Risks and Downsides
- Prices are unpredictable.
- If you lose your private key (password), your Bitcoin is gone forever.
- It’s been associated with scams and illegal activity—but so has cash.
Want to dive into how it works under the hood, how to get some, or what it’s used for today?
