Cryptocurrencies, especially Bitcoin, have captivated the world's attention. But what exactly is Bitcoin, and how does it function? For those new to this fascinating digital currency,
Bitcoin is a decentralized, peer-to-peer electronic cash system that allows users to transact securely without the need for traditional banks or intermediaries. Transactions are recorded in a public ledger known as the blockchain, ensuring transparency and security. Miners are rewarded with Bitcoins for verifying and adding transactions to the blockchain. The system is powered by cryptography, making it virtually impossible to double-spend or counterfeit Bitcoins. So, in essence, Bitcoin is a digital currency that operates on a distributed network, relying on its users to maintain its security and integrity. It's a revolutionary concept that has the potential to reshape the financial landscape.