Bitcoin is a decentralized digital currency, often referred to as a cryptocurrency. It was introduced in 2009 by an individual or group of people using the pseudonym Satoshi Nakamoto. Bitcoin operates on a peer-to-peer network, allowing users to send and receive payments without the need for a central authority, such as a government or financial institution.
Some key features of Bitcoin :-
Bitcoin transactions are grouped into blocks. Each block contains a list of transactions, a timestamp, and a reference to the previous block.
Bitcoin operates on a decentralized network of computers, where each participant (node) has equal status. This eliminates the need for a central authority.
Cryptographic keys play a crucial role. Users have a pair of keys – a public key (known to others) and a private key (known only to the user). Transactions are signed with the private key and verified with the public key.
Bitcoin uses a PoW consensus algorithm. Miners compete to solve complex mathematical problems, and the first one to solve it gets the right to add a new block to the blockchain and is rewarded with newly minted bitcoins.
Bitcoin's value is known for its volatility. Factors such as market demand, regulatory developments, and macroeconomic trends can influence its price.
