As a digital store of value and medium of exchange, Bitcoin is the first and best-known decentralised cryptocurrency. The blockchain was created by it, revolutionising the way value is exchanged and held. As a kind of digital currency and investment asset, it has been widely used and accepted. With a significant market cap and rising acceptance, Bitcoin continues to rule the cryptocurrency industry.
Using the alias Satoshi Nakamoto, an unidentified person or group of individuals invented Bitcoin in 2009. It is peer-to-peer commerce enabled by open-source software that runs on a decentralised network without the use of middlemen or centralised authorities. The blockchain, a distributed ledger that securely and openly records all network transactions, was the key to Bitcoin's success.
The primary use cases for Bitcoin are as a digital store of wealth and as a medium of exchange. Users can send and receive money over the internet without the aid of conventional banking institutions thanks to this technology. In order to validate transactions and add them to the blockchain, bitcoin miners engage in a process known as mining. In exchange for their work, they are rewarded with freshly minted bitcoins.
Bitcoin has been popular as an investment asset in addition to being used as a form of payment, with many investors considering it to be a possible hedge against inflation and a store of value comparable to gold.
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