What is Bitcoin?

Bitcoin is a decentralised digital currency that uses cryptography for secure financial transactions. It was created in 2009 by an unknown person or group using the pseudonym Satoshi Nakamoto.

Bitcoin is based on a decentralised ledger technology called the blockchain, which allows it to be transferred directly between users without intermediaries such as banks. Transactions are recorded on a public ledger called the blockchain, which helps ensure the currency's integrity and security.

Unlike traditional fiat currencies, which are issued and backed by central banks, Bitcoin is not endorsed by any government or financial institution. Instead, it relies on the trust and support of its users, as well as the underlying technology of the blockchain.

Bitcoin can purchase goods and services online and be traded on various exchanges for other currencies. It has gained a reputation as a store of value and a hedge against inflation and is seen by some as an alternative to traditional financial systems. However, it is also highly volatile and has attracted controversy due to its association with illegal activities.