Bitcoin is digital money and the world's first cryptocurrency. Bitcoin operates on a blockchain with the same name, and transactions are verified and secured using cryptography and peer-to-peer-based code. Bitcoin is a decentralized currency which means that it operates without any third parties such as banks, governments, or private companies. The cryptocurrency is also not linked to any country's monetary system. Bitcoin is currently the largest cryptocurrency and has historically held the majority of the total market capitalization for extended periods.
Unlike the traditional banking system, transactions on the blockchain are cryptographically verified and secured by a large network of computers. This makes the system extremely secure because the transactions registered on the blockchain cannot be faked, copied, or manipulated. All transactions are recorded on the blockchain, which serves as a public ledger. Consequently, every transaction is transparent to everyone.
Bitcoin was primarily created as an alternative payment system to send money over the internet directly between users, unlike traditional payment systems where transactions need to go through a bank, institution, or company. Without a third-party control mechanism, transaction and handling costs can be reduced, and everyone can have direct and equal access to the payment system. By democratizing the financial infrastructure, Bitcoin revolutionizes the perception of money, thereby helping to create a more equal and inclusive financial system.
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The original publication about Bitcoin by Satoshi Nakamoto: https://bitcoin.org/bitcoin.pdf
The Bitcoin Wikipedia: https://en.bitcoin.it/wiki/How_bitcoin_works