Bitcoin (BTC) is widely regarded as the first decentralized cryptocurrency. Created in 2009 by an unknown entity under the pseudonym Satoshi Nakamoto, Bitcoin has reshaped the financial landscape. Over the years, its impact has grown, leading to a massive wave of interest in blockchain technology and digital currencies. Bitcoin operates on a decentralized peer-to-peer network, which means that no single entity or government controls it. Transactions are verified by network nodes through cryptography and recorded in a public ledger called a blockchain.
How Bitcoin Works
One of the key features of Bitcoin is the blockchain. This distributed ledger is maintained across thousands of computers worldwide, making it highly secure and resistant to tampering. As transactions are made, they are grouped together into blocks. These blocks are then linked in chronological order, forming the blockchain. Moreover, Bitcoin transactions are irreversible, which adds an additional layer of security. The system ensures that double-spending, a potential risk in digital currencies, is avoided.
Mining and Supply
Bitcoin is created through a process called mining. In this process, computers solve complex mathematical puzzles to validate transactions. Once a block of transactions is verified, it is added to the blockchain, and the miner is rewarded with new bitcoins. This reward system is crucial, as it introduces new bitcoins into the ecosystem. However, the supply of Bitcoin is capped at 21 million coins, which will eventually be reached, making it a deflationary asset.
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