Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions without the need for intermediaries, utilizing blockchain technology for secure and transparent transactions. It operates as a store of value and a medium of exchange, with a limited supply of 21 million coins.Bitcoin is known for its decentralized nature. Unlike traditional financial systems, Bitcoin operates on a decentralized network called the blockchain.
Secondly, the blockchain enables transparency in Bitcoin transactions. All transactions are recorded on the blockchain and can be accessed in real-time by anyone. This transparency helps build trust and makes it harder for bad actors to get away with fraudulent activities. By allowing individuals to verify transactions independently, the blockchain reduces the need for intermediaries and promotes a more open and accountable system.
Nakamoto continued to be involved in the development of Bitcoin until 2010, after which they disappeared from the public eye. Despite their absence, the cryptocurrency gained significant popularity and adoption over the years, leading to the emergence of a vibrant and diverse community of developers, miners, and enthusiasts. Although the true identity of the founders remains a mystery, their creation has had a profound impact on the world of finance.