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Understanding Bitcoin (BTC): The World’s First Cryptocurrency

Introduction
Bitcoin (BTC) is the first and most well-known cryptocurrency, revolutionizing the global financial system with its decentralized nature and blockchain technology. Created by an anonymous entity known as Satoshi Nakamoto in 2008, Bitcoin has since grown into a store of value, a medium of exchange, and a topic of major interest for both individuals and institutions.

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What is Bitcoin?

Bitcoin is a digital currency that allows peer-to-peer transactions over a decentralized network. Unlike traditional fiat currencies, Bitcoin is not controlled by any government, central bank, or institution. It operates on a technology called blockchain, which is a public, distributed ledger recording all Bitcoin transactions.

Symbol: BTC

Supply Limit: 21 million coins (ensuring scarcity)

Launch Date: January 2009

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How Bitcoin Works

Bitcoin operates on blockchain technology, a decentralized ledger where every transaction is recorded. Here's a simplified breakdown of how it works:

1. Blockchain: Bitcoin’s blockchain consists of blocks of data containing transaction records. Once verified, these blocks are added to the chain, creating a permanent, tamper-proof record.

2. Mining: Transactions are validated through a process called mining. Miners solve complex mathematical problems using computational power to secure the network and are rewarded with new Bitcoins. This process ensures consensus and prevents double-spending.

3. Peer-to-Peer Network: Bitcoin transactions happen directly between users without intermediaries, cutting out traditional banking systems.

4. Public and Private Keys: Users store Bitcoin in digital wallets, accessed through a public key (like an address) and a private key (password for access and control).

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