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What is Bitcoin?

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Bitcoin
  • Bitcoin is a decentralized cryptocurrency that was likely developed in response to the 2008-2009 global financial crisis.
  • Bitcoin is a public blockchain and doesn't have a centralized controlling authority like a Bank or Government.
  • The total amount Bitcoins that could ever be mined and circulated is fixed to 21 million.
  • This way, the value of each Bitcoin is dependent only on the supply and demand in the market and is free from centralized control and manipulation.
  • The transactions are verified and added to the bitcoin blockchain using fault-tolerant Consensus algorithms like Proof of Work and Proof of Stake this prevents the double-spending problems.
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