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Bitcoin (BTC): The Pioneer of Cryptocurrencies

Introduction

Since its creation in 2009, Bitcoin (BTC) has established itself as the most recognized cryptocurrency in the world. Born as an alternative to the traditional financial system, BTC has evolved from an experiment among technology enthusiasts to becoming a globally relevant financial asset.

What is Bitcoin?

Bitcoin is a decentralized digital currency based on blockchain technology, a chain of blocks that records all transactions publicly and immutably. Unlike traditional currencies issued by governments (fiat), Bitcoin is not controlled by any central entity like a central bank or government.

The system was proposed by a person (or group) under the pseudonym Satoshi Nakamoto, who published the white paper in 2008 and mined the first Bitcoin block, known as the genesis block, in January 2009.

Key Features of Bitcoin

Decentralization: There is no central authority controlling the network.

Limited supply: The total supply is limited to 21 million BTC, making it a deflationary asset.

Security: It uses advanced cryptography and a global network of nodes to validate transactions.

Transparency: All transactions are recorded in a public database accessible to everyone.

How does it work?

Bitcoin uses a network of computers (nodes) to verify and record transactions. Users can send and receive BTC using cryptographic keys. Miners, who are specialized nodes, group transactions into blocks and add them to the blockchain by solving complex mathematical problems. As a reward, they receive newly generated BTC and transaction fees.

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