Bitcoin - Page 56

Bitcoin is a decentralized digital currency that was invented in 2008 by an unknown person or group of people using the pseudonym Satoshi Nakamoto. It allows for peer-to-peer transactions over a secure cryptographic network without the need for intermediaries like banks. Bitcoin transactions are recorded on a public ledger known as the blockchain, which is maintained by a network of computers (nodes) that validate and verify transactions through a process called mining.Bitcoin is defined by its limited supply, with a maximum cap of 21 million coins, which contributes to its value. It operates on a principle of scarcity, with new coins being generated at a diminishing rate over time. Bitcoin can be used for a variety of financial transactions, including online purchases, investments, and as a store of value, often referred to as "digital gold."Bitcoin's unique characteristics, such as decentralization, security through cryptography, and the ability to operate independently of government or financial institution control, have made it a groundbreaking and influential technology in the fields of finance and digital currencies.