$BTC An Overview of Bitcoin

Bitcoin is the first decentralized cryptocurrency. It can be sent from one person to another over the Bitcoin network in a peer-to-peer manner without the need for a third party. Transactions on the network are verified using cryptography and are recorded in a distributed ledger called the blockchain without a central authority overseeing it. Consensus among nodes is achieved through a computationally intensive process based on proof of work known as mining, which secures Bitcoin's blockchain. Mining consumes large amounts of electricity and has faced criticism for the environmental impact of Bitcoin. Based on free market ideology, Bitcoin was invented in 2008 by an unknown person known as Satoshi Nakamoto. Bitcoin began to be used as a currency in 2009 when its application was released as open-source software. In 2021, it was adopted by El Salvador as legal tender. It is often seen as an investment and has been described by many scholars as an economic bubble. Since Bitcoin is used under pseudonyms, it has been utilized by criminals, leading to scrutiny from regulatory bodies, which resulted in its ban in many countries as of 2021.