Bitcoin (BTC)
- Official Website: bitcoin.org
- Definition: Bitcoin is the first decentralized cryptocurrency, created by an anonymous person or group known as Satoshi Nakamoto in 2009.
- Category: Blockchain, Layer 1 chain, Cryptocurrency.
- What It Is: A peer-to-peer digital currency that operates without a central authority, using blockchain technology to record transactions.
- Function: Enables secure, transparent, and decentralized financial transactions.
- Analogy: Think of Bitcoin as digital gold. Just like gold, it’s scarce (only 21 million will ever exist), valuable, and used as a store of value.
- Pros: Decentralized, secure, widely adopted, limited supply.
- Cons: High energy consumption, slow transaction speeds, price volatility.
- Controversies: Environmental impact, use in illegal activities, scalability issues.
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This page was last updated on January 27, 2025.
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