What is Bitcoin?

Bitcoin is a decentralized digital currency that uses cryptography for security and is not controlled by any government or financial institution. Transactions with bitcoin are recorded on a public, decentralized ledger called the blockchain.

Bitcoins can be used to purchase goods and services online or can be held as an investment. They are created through a process called “mining,” in which powerful computers solve complex mathematical problems in order to validate and record transactions on the blockchain.

Bitcoin was the first and is the most well-known cryptocurrency, but there are now thousands of other cryptocurrencies, such as Ethereum, Litecoin, and Ripple, that have been developed with various features and use cases. Bitcoin is known for its high value and limited supply, with only 21 million bitcoins set to be created.