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What is Bitcoin?

 



Bitcoin is a digital currency and a payments system that exists solely on the internet. It was introduced in 2009 and is the first decentralized digital currency, meaning it does not rely on a central bank or other financial institution to issue currency or manage transactions. Transactions are recorded on a public ledger known as the blockchain, and the currency is secured and verified by a network of computers. Bitcoin can be used to make payments and transfer money anywhere in the world, and it is often used as an investment or a store of value.


How Bitcoin Works? Bitcoin is a digital currency that is created and held electronically. It is not controlled by any government or bank. Bitcoins are created through a process known as mining, which involves solving complex mathematical equations that are designed to both verify and secure Bitcoin transactions. Each time a problem is solved, a new Bitcoin is created and distributed to the miner who solved it. Once created, Bitcoins can be used to purchase goods and services from any merchant that accepts them. Transactions are recorded on a secure, public ledger known as the blockchain. This system ensures that no individual can spend the same Bitcoin more than once. It also ensures that all Bitcoin transactions are secure and verifiable.

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