What is bitcoin?

Bitcoin is a digital currency that functions on a decentralized peer-to-peer network without a central bank or administrator, eliminating the need for third-party involvement in financial transactions. It was publicly introduced in 2009 by an anonymous developer or group of developers who went by the name Satoshi Nakamoto.

One of Bitcoin’s distinct features is its limited supply, with a maximum of 21 million bitcoins that can be created via the mining process. This process rewards blockchain miners for verifying transactions and can be purchased on various exchanges.

Bitcoin has since become the most recognizable cryptocurrency globally, prompting the development of numerous other cryptocurrencies. These rivals strive to either replace it as a payment system or function as utility or security tokens in other blockchains and emerging financial technologies.