Intro to Bitcoin

Bitcoin

Bitcoin was the world’s first cryptocurrency!

Bitcoin is a digital cryptocurrency that was created in 2009 by an unknown person or group of people using the name Satoshi Nakamoto. It is decentralized, meaning that it operates without a central authority such as a bank or government, and transactions are verified through a network of nodes and recorded on a public ledger called the blockchain.

Bitcoin is based on a complex mathematical algorithm and uses cryptography to secure transactions and control the creation of new units. Unlike traditional currencies, Bitcoin has a limited supply, with a maximum of 21 million bitcoins that can ever be created. This finite supply has helped drive up the price of Bitcoin, which has seen significant volatility since its inception. Unlike traditional currencies, such as the U.S. dollar or the euro, Bitcoin is not backed by any government or financial institution. Instead, it is created and held electronically, and its value is determined by supply and demand. One of the key features of Bitcoin is that it allows for secure, anonymous transactions without the need for a middleman such as a bank or credit card company. This makes it appealing to individuals who value privacy and who may be concerned about government or corporate surveillance.

A bitcoin can be divided into its smallest unit, known as “sats” (short for “satoshis”). One “sat” equals 0.00000001 BTC.