Key Facts About Bitcoin
- Bitcoin is a decentralized digital currency created in 2009 by an anonymous entity known as Satoshi Nakamoto.
- It operates on a peer-to-peer network without a central authority or banks.
- The total supply of Bitcoin is capped at 21 million coins, creating scarcity.
What is Bitcoin?
Bitcoin is the first cryptocurrency, allowing for digital transactions without the need for intermediaries like banks. It is based on blockchain technology, which ensures transparency and security in every transaction.
Key Features
Decentralization
Bitcoin is not controlled by any government or organization, making it immune to manipulation.
Security
Transactions are secured by cryptography, making it nearly impossible to counterfeit or double-spend.
Transparency
Every transaction is recorded on the blockchain, accessible to anyone, ensuring full transparency.
Challenges and Concerns
Bitcoin faces criticism due to its volatility, regulatory scrutiny, and environmental impact from mining operations. Understanding these challenges is essential for users and investors alike.
