#USCryptoReserve #BTC #WhiteHouseCryptoSummit
Bitcoin is a decentralized digital currency, without a central bank or single administrator. It was invented in 2008 by an anonymous person (or group) known as Satoshi Nakamoto and released as open-source software in 2009. Bitcoin operates on a peer-to-peer network, enabling users to send and receive payments without relying on intermediaries.
Key features of Bitcoin include:
Decentralization: Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called the blockchain.
Limited Supply: There will only ever be 21 million bitcoins, which creates scarcity and potentially drives up its value over time.
Mining: Bitcoin is created through a process called mining, where powerful computers solve complex mathematical problems to validate transactions and add them to the blockchain. Miners are rewarded with newly created bitcoins and transaction fees.
Security: Bitcoin uses cryptographic techniques to secure transactions, making it resistant to fraud and counterfeiting.
Pseudonymity: While Bitcoin transactions are transparent, they are pseudonymous, meaning that identities behind wallet addresses are not directly tied to real-world identities.
Bitcoin has gained global attention for its potential to act as a store of value, a medium of exchange, and a hedge against inflation. However, its volatility, scalability issues, and regulatory uncertainties remain topics of ongoing discussion.
