Bitcoin is a digital currency and peer-to-peer payment network based on an open source code and using publicly traded securities. No person or bank has any authority to earn or obtain bitcoin. It's completely free, which we can make ourselves with the help of our computer.
The bitcoin currency can be compared to other currencies such as the dollar and the euro, but there is a difference between the current currencies and the bitcoin.
The most important difference is that the bitcoin is a completely digital currency that exists only on the Internet, externally it has no physical existence. Similarly, there is no powerful central institution behind the bitcoin currency, such as the central bank, and no government has so far declared it a legitimate currency, which is why the United States Department of the Treasury has declared it a decentralized currency. Granted, because this currency can be transferred directly from one person to another, it does not require a bank or government agency. However, Bitcoin can be used through the Internet just like any other currency.
Bitcoin was started in 2009 by a man named Satoshi Nakamoto. It is called cryptocurrency because it is based on the principles of public cryptography.
This currency calculation process is based on the logarithm, for which the computer is connected to the Internet, using a computer processor. The more powerful a computer's processor, the sooner it can create a bitcoin by solving a logarithmic problem.
Bitcoin has also been the subject of much research and curiosity, as cryptocurrency is a currency that makes it very difficult to identify its owners and users, so it can be used illegally. The Silk Road, a website involved in illegal activities, was shut down by the US FBI in 2013, freezing 144,000 bitcoins, valued at 28.5 million at the time. The US government, on the other hand, is more generous with bitcoin than any other government. The sale of bitcoins with the yuan is banned in China, and bank accounts are not allowed for bitcoin exchange.