๐น What is Bitcoin?
Bitcoin is a decentralized digital currency created in 2009 by an unknown person or group using the pseudonym Satoshi Nakamoto. It allows peer-to-peer transactions over a decentralized network without relying on banks or intermediaries.
๐น KEY FEATURES :-
LIMITED SUPPLY: Only 21 million $BTC will ever exist.
BLOCKCHAIN TECHNOLOGY: Transactions are recorded on a public, tamper-proof ledger.
DECENTRALIZED: No central authority; secured by miners and nodes around the world.
PSEUDONYMOUS: Transactions are public, but identities aren't directly tied to addresses.
DIVISIBLE: You can own fractions of a $BTC (down to 0.00000001 btc, called a satoshi).
๐น HOW IT WORKS :-
Transactions are made using a $BTC wallet (software or hardware).
Miners validate transactions by solving cryptographic puzzles (Proof of Work).
Once confirmed, transactions are added to the blockchain.
๐น WHY PEOPLE USE OR INVEST IN BTC :-
STORE OF VALUE: Often called "digital gold".
HEDGE AGAINST INFLATION: Fixed supply.
BORDERLESS PAYMENTS: Fast global transfers.
SPECULATIVE INVESTMENT: High volatility attracts traders.
๐น RISKS AND CHALLENGES :-
Price Volatility
Regulatory Uncertainty
Scalability Issues
Security Risks (e.g., wallet hacks)