Bitcoin is a type of digital currency, often referred to as a cryptocurrency, that operates on a decentralized network using blockchain technology. It was created in 2009 by an anonymous individual or group under the pseudonym Satoshi Nakamoto. Unlike traditional currencies, Bitcoin isn't controlled by any central authority, such as a government or financial institution. Instead, it relies on a peer-to-peer network to verify transactions.
Bitcoin transactions are secured using cryptography, and every transaction is recorded on the blockchain, a public ledger that ensures transparency and prevents double-spending. People can acquire Bitcoin through mining (solving complex mathematical problems with computing power) or by purchasing it on exchanges. It can be used for various purposes, including as a store of value, an investment, or for transactions. However, its value can be volatile.