Bitcoin safari community on Nostr: Bitcoin is a decentralized digital currency, created in 2009 by an anonymous person ...
Bitcoin is a decentralized digital currency, created in 2009 by an anonymous person or group known as Satoshi Nakamoto. It operates on a peer-to-peer network and uses a technology called blockchain—a public ledger that records all transactions—to maintain security, transparency, and trust without the need for a central authority, like a bank.
Some key features of Bitcoin include:
1. Decentralization: It isn’t controlled by any government or institution. Instead, it’s maintained by a distributed network of computers (nodes).
2. Limited Supply: Bitcoin has a fixed supply of 21 million coins, making it scarce and, theoretically, resistant to inflation.
3. Mining: New bitcoins are created through a process called mining, where powerful computers solve complex mathematical problems. This process secures the network and processes transactions.
4. Anonymity: Bitcoin transactions don’t require personal information, making them pseudonymous (though not fully anonymous).
People use Bitcoin for various purposes, including as a digital investment, a means of transferring money across borders, or as a hedge against traditional financial systems. However, its price can be volatile, and it's often subject to regulatory scrutiny and legal considerations in different countries.
Some key features of Bitcoin include:
1. Decentralization: It isn’t controlled by any government or institution. Instead, it’s maintained by a distributed network of computers (nodes).
2. Limited Supply: Bitcoin has a fixed supply of 21 million coins, making it scarce and, theoretically, resistant to inflation.
3. Mining: New bitcoins are created through a process called mining, where powerful computers solve complex mathematical problems. This process secures the network and processes transactions.
4. Anonymity: Bitcoin transactions don’t require personal information, making them pseudonymous (though not fully anonymous).
People use Bitcoin for various purposes, including as a digital investment, a means of transferring money across borders, or as a hedge against traditional financial systems. However, its price can be volatile, and it's often subject to regulatory scrutiny and legal considerations in different countries.