What is Bitcoin?

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Someone asked me the above question and I couldn’t answer it. For inquiring minds, the below information came from Microsoft Copilot.

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Bitcoin (BTC) is a cryptocurrency, a virtual currency designed to act as money and a form of payment outside the control of any one person, group, or entity. It operates on a decentralized ledger system called a blockchain, which removes the need for third-party involvement in financial transactions. Here are some key points about Bitcoin:

Creation and Distribution:
- Bitcoin was introduced to the public in 2009 by an anonymous developer or group of developers using the name Satoshi Nakamoto.
- Unlike fiat currency (such as the US dollar), Bitcoin is created, distributed, traded, and storedusing a decentralized system.
- It is rewarded to blockchain miners for verifying transactions.
Blockchain and Security:
- Bitcoin’s ledger (the blockchain) is secured by the number of participants in its network.
- Transactions are verified through cryptography and recorded in the public ledger without central oversight.
Purchasing Bitcoin:
- Bitcoin can be purchased via various cryptocurrency exchanges.
- Its value has been volatile, undergoing several boom and bust cycles over its relatively short lifespan.
Denominations:
- One Bitcoin is divisible to eight decimal places, with the smallest unit referred to as a satoshi.
Historical Milestones:
- In 2008, the domain name Bitcoin.org was registered.
- The first Bitcoin block (also known as the “genesis block”) was mined on January 3, 2009.
- Bitcoin rewards are halved periodically; the most recent halving occurred in May 2020.

Bitcoin’s impact extends beyond its financial value—it has inspired the development of many other cryptocurrencies. To learn more about the cryptocurrency that started it all, explore its history, workings, and potential uses! 🚀🌟

For additional details, you can refer to the Investopedia article and the Wikipedia entry .