Bitcoin (₿) is a cryptocurrency that is a form of electronic currency. It is a decentralized currency which has no central bank or sole proprietor that can send from user-to-user to peer-to-peer bitcoin network without the need for an intermediary.
Bitcoin logo
Transactions are analyzed with the help of a network of nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009. Bitcoins were created as a reward for the process known as mining. It can be exchanged for other currencies, products, and services. According to research conducted by the University of Cambridge in 2017, there are 2.9 to 5.8 million unique users who use crypto wallets, most of them using bitcoin.
Bitcoin has been criticized for using it in illegal transactions, consuming power consumption, volatile prices, stealing exchanges, and the possibility that bitcoin is an economic bubble. Bitcoin is also used as an investment, although some regulatory agencies have warned investors about bitcoin.
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