What is Bitcoin? Bitcoin is a type of digital currency, also called a cryptocurrency. It was created in 2009 by an unknown person or group using the pseudonym Satoshi Nakamoto. Unlike traditional money, Bitcoin isn’t controlled by any government or bank. Instead, it operates on a decentralized network called the blockchain.

Key Features of Bitcoin:

• Decentralized: No single entity controls Bitcoin; it runs on a global peer-to-peer network.
• Limited Supply: There will only ever be 21 million bitcoins, making it a deflationary asset.
• Secure and Transparent: All transactions are recorded on the blockchain, which is publicly accessible and tamper-resistant.
• Pseudonymous: While transactions are public, the identities behind wallet addresses remain hidden unless voluntarily disclosed.
• Divisible: Each bitcoin can be divided into smaller units called satoshis (1 BTC = 100 million satoshis).

How Does Bitcoin Work?

Bitcoin transactions are verified by network participants called miners who use powerful computers to solve complex puzzles. This process is called proof-of-work and ensures that new bitcoins are created and transactions are securely added to the blockchain.

Uses of Bitcoin:

• Digital payments: Send money internationally quickly and with lower fees compared to banks.
• Store of value: Some people see Bitcoin as “digital gold” that can protect against inflation.
• Investment: Many buy Bitcoin as a speculative asset hoping its price will rise.

Challenges and Criticisms:

• Volatility: Bitcoin’s price can fluctuate wildly.
• Energy consumption: Mining requires significant electricity, raising environmental concerns.
• Regulatory uncertainty: Governments worldwide are still deciding how to regulate cryptocurrencies.

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