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What is Bitcoin and How Does It Work?

I've heard a lot about Bitcoin, but I'm still unsure about what it actually is. Can someone explain Bitcoin to me in simple terms?

12 comments

12 Comments

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Bitcoin is a decentralized digital currency, known as a cryptocurrency, that you can buy, sell, and exchange directly, without an intermediary like a bank. It was invented in 2009 by an unknown person (or group of people) using the pseudonym Satoshi Nakamoto. Bitcoin operates on a technology called blockchain, a distributed ledger enforced by a network of computers. The key features of Bitcoin include its limited supply (capped at 21 million coins), its division into smaller units known as satoshis, and its ability to enable secure, peer-to-peer transactions. For a more detailed introduction to Bitcoin, its origins, and how it functions, this article is a great resource: https://paybis.com/blog/glossary/what-is-bitcoin/ It provides a comprehensive overview of Bitcoin and insights into its economic implications.

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What is Bitcoin and How Does It Work?

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