What is Bitcoin? A Beginner’s Guide to the World’s First Cryptocurrency

Bitcoin is the first and most well-known cryptocurrency in the world. It was created in 2009 by an anonymous individual or group of individuals using the pseudonym Satoshi Nakamoto. Since its creation, Bitcoin has gone on to become a global phenomenon, with millions of people using and investing in it. In this beginner’s guide, we’ll explain what Bitcoin is, how it works, and why it is important.

What is Bitcoin?

Bitcoin is a digital currency that uses cryptography for security and operates independently of a central bank. It was created in 2009 by an anonymous individual or group of individuals using the pseudonym Satoshi Nakamoto. Bitcoin is based on a decentralized, peer-to-peer network, which means that transactions are recorded on a public ledger, called the blockchain, that is maintained by a network of users, rather than a central authority.

How Does Bitcoin Work?

Bitcoin transactions are recorded on the blockchain, which is a public ledger that is maintained by a network of users. Each time a transaction is made, it is grouped together with other transactions in a block. These blocks are then added to the blockchain in a linear, chronological order. Once a block is added to the blockchain, it cannot be altered or deleted.